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article imageOptimistic Conference Board says U.S. economy on rise, dollar up

By Marcus Hondro     Aug 17, 2012 in Politics
In the midst of a U.S. election there are signs Barack Obama and the Democrats may get a boost from the economy. The U.S. dollar is rising and the Conference Board reports the country's economy rose 0.4 percent last month.
The Board, a non-partisan, non-profit business membership and research group, said its Leading Economic Index (LEI) rose by that margin in July. They believe the improving economy is a trend that will continue.
"The LEI’s six-month growth rate seems to be stabilizing," Board economist Ataman Ozyildirim wrote on the website Friday. "Pointing to a continuing but slow expansion in economic activity for the rest of the year. Meanwhile, the coincident economic index, a measure of current conditions, has been rising slowly but steadily, with all four components improving over the last six months.”
Ken Goldstein, another economist there, added that the "indicators point to slow growth through the end of 2012" in the U.S.. He said that back-to school sales are "better than expected, suggesting that the consumer is starting to come back."
To arrive at its conclusion some of the components The Conference Board examines data on include new orders from manufacturers, building permits issued, new private housing units, stock prices and the average consumer expectations for business conditions.
U.S. dollar up against foreign currencies
Friday the U.S. dollar strengthened against the following foreign currencies: the Australian dollar, the British pound, the Canadian dollar, the Euro, the Hong Kong dollar, the Japanese yen, the New Zealand dollar, the South Korean won and the Swiss franc.
Mitt Romney and the Republicans feel that, despite a world-wide economic funk, the Democrats have made mistakes that prevented economic growth in the country. The performance of the U.S. economy is likely to play a significant role in the outcome of the U.S. election.
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