Leading Economic Index for SEPTEMBER 2026

The Conference Board® released its Leading Economic Index® (LEI) for September, 2026:

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Index for September, 2026: 99.6 (The baseline 100 score is associated with 2016 data.)

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• Actual: FLAT 
  
  
• Change from 12 Months Ago: +1.32% (+1.3 points)

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• LEI for August, 2026: 99.6
  
  
• LEI for July, 2026: 99.7
   
• LEI for June, 2026: 99.4
  
  
• LEI for May, 2026: 99.4
   
• LEI for April, 2026: 99.2
  
  
• LEI for March, 2026: 99.0
  
  
• LEI for February, 2026: 99.6
  
  
• LEI for January, 2026: 99.3
      
• LEI for December, 2025: 99.4   
  
  
• LEI for November, 2025: 99.6  
  
  
• LEI for October, 2025: 98.1
   
• LEI for September, 2025: 98.3 
   
• LEI for August, 2025: 98.5 
  
  

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The LEI is a composite of 10 of the nation's economic data releases that's put together by The Conference Board.

Statistically, the components listed below have shown a significant increase or decrease before national economic upturns or downturns:

1. The Standard + Poor's 500 Index
   
   
2. Average weekly claims for unemployment insurance
   
   
3. Building permits for new private housing
   
   
4. The interest rate spread between the yield on the benchmark 10-Year Treasury Note and Federal Funds
   
   
5. ISM® Index of New Orders
   
   
6. Manufacturer's new orders for consumer goods or materials
   
   
7. Manufacturer's new orders, non-defense capital goods excluding aircraft orders
   
   
8. Average weekly manufacturing hours
   
   
9. Average consumer expectations for business conditions
   
   
10. Leading Credit Index™

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SEPTEMBER 2026 UPDATE

CHART: Leading Economic Index
6-Month Growth Rate
with Warning + Recession Signal

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From Today's Report:

"...'The US LEI was flat in September. However, due to an upward revision to July’s data, the Index is at a higher level than last month’s report for August,' said Justyna Zabinska-La Monica, Senior Manager, Business Cycle Indicators, at The Conference Board. 'Five out of ten components made positive contributions to the LEI in September, led by the interest rate spread and average weekly hours in manufacturing.

Nevertheless, these gains were offset by a large decline in consumer expectations and much smaller negative contributions from stock prices, new orders for capital goods and building permits.

The LEI’s six-month growth rate increased slightly, which suggests the economy is still growing and will continue to grow, but is becoming less dependent on consumer spending and more dependent on business investment. The Conference Board now expects real GDP to grow by a 2.2% annualized rate in 2026, with our outlook for 2027 at 2.0%, higher than previously forecasted.'

The Conference Board Coincident Economic Index® (CEI) for the US increased by 0.3% in September 2026 to 115.3 (2016 = 100), following a 0.1% increase in August. Overall, the CEI rose by 0.9% over the six months between March and September 2026, up from its 0.2% growth over the previous six months. 

The CEI’s four component indicators -- payroll employment, personal income less transfer payments, manufacturing and trade sales, and industrial production -- are included among the data used to determine recessions in the US. All components of the CEI made positive contributions last month..."

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• Click Here to view the Conference Board report.
  

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