The Leading Economic Index for the U.S. rose again in the month of March, rising 0.4 percent. This is the seventh straight rise. Of the total components, six of them contributed to the topline figure, whereas two segments contributed negatively, noted Wells Fargo in a research report.

The labor market component contributed negatively to the index. It had been contributing positively in recent time. Initial jobless claims and manufacturing hours negatively contributed 0.09 percentage points and 0.13 percentage points respectively from the topline figure.

Optimistic consumer expectations contributed 0.12 percentage points to the index, the largest contribution since December 2004. The interest rate spread contributed 0.19 percentage points. This was the largest contributor to the index in March. Meanwhile, ISM new orders and the housing permits components also contributed to the segment, adding 0.19 and 0.11 percentage points respectively. The Leading Economic Index’s upward trend continues to signal moderate economic growth in 2017, stated Wells Fargo.