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The Leading Economic Index increased 0.4 percent in April, supported by broad-based component strength, explained analysts at Wells Fargo.

Key Quotes:

“The LEI grew 0.4 percent in April, suggesting solid growth is likely to persist in the second half of 2018. Growth in the Coincident and Lagging indices increased 0.3 percent in April.

“Stock prices and housing permits were the only negative contributors in April. The interest rate spread continues to be the top contributor to the index, however its strength has waned more recently as the yield curve has flattened.”

“The soft and hard data continue to support one another, a signal of stable and balanced growth. The April print adds further evidence that economic growth will continue through 2018, and suggests the Fed will continue to administer rate hikes.”