Business News

US economic forecast rises again for second month

May 19, 2008, 15:45 GMT

Washington - A forecast of US economic growth climbed for the second month this year in April, another sign that the economy may be in better shape than some had feared, according to figures released Monday. The US leading index climbed 0.1 per cent, and six of the 10 economic indicators that form the index were up in April, the private New York-based Conference Board said. The increase followed a 0.1 per cent increase in March. 'The small increases in the leading index in both March and again in April could be a signal that the economy may not weaken further,' said Ken Goldstein, a Conference Board economist, in a statement. The measure points to the direction of the economy over the next three to six months. US economic growth was stalled at 0.6 per cent in the first quarter of 2008 - a figure that tempered fears of a recession but confirmed that the world's largest economy slowed drastically in the last half-year. Analysts were more upbeat about avoiding a recession as stock markets rose over past weeks. The US central bank has made seven consecutive reductions in the benchmark interest rate over past months, and the US government was pumping 117 billion in tax rebates back into the economy - two factors which have helped the outlook.

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