The Conference Board announced on Thursday its Leading Economic Index (LEI) for the U.S. rose 0.8 percent m-o-m in January to 112.1 (2016 = 100), following a 0.3 percent m-o-m drop in December.

Economists had forecast a gain of 0.4 percent m-o-m.

Ataman Ozyildirim, Senior Director of Economic Research at The Conference Board, noted: "The strong pickup in the January US LEI was driven by a sharp drop in initial unemployment insurance claims, increasing housing permits, consumers' outlook on the economy and financial indicators".

The report also revealed the Conference Board Coincident Economic Index (CEI) for the U.S. edged up 0.1 percent m-o-m in January to 107.3, following no change m-o-m in December. Meanwhile, its Lagging Economic Index (LAG) for the U.S. remained unchanged m-o-m in January at 108.7, following a 0.1 percent decrease in December.