The Conference Board released its leading economic index (LEI) for the U.S. on Thursday. The leading economic index climb 0.6% in October, exceeding expectations a 0.5% gain, after a 0.1% fall in September. September's figure was revised up from a 0.2% decrease.

The coincident economic index rose 0.2% in October, after a 0.1% gain in September.

"The U.S. LEI rose sharply in October, with the yield spread, stock prices, and building permits driving the increase. Despite lacklustre third quarter growth, the economic outlook now appears to be improving. While the U.S. LEI's six-month growth rate has moderated, the U.S. economy remains on track for continued expansion heading into 2016," director of business cycles and growth research at The Conference Board, Ataman Ozyildirim, said.