Leading economic indicators rise 0.4% in January (by Ruth Mantell)

WASHINGTON (MarketWatch) -- The economy is expected to continue strengthening, possibly picking up this spring and summer, the Conference Board said Friday as it reported that its index of leading economic indicators grew 0.4% in January, led by the interest-rate spread and manufacturing hours. "This fourth consecutive gain in the LEI reflected fairly widespread strength among its components, pointing to somewhat more positive economic conditions in early 2012," said Ataman Ozyildirim, a Conference Board economist. Economists polled by MarketWatch had expected a January gain of 0.5%. The reading for December was revised to 0.5% from a prior estimate of 0.4%. The LEI is a weighted gauge of 10 indicators that are designed to signal business cycle peaks and troughs. Among the 10 indicators that make up the LEI, seven made positive contributions in January. There were three negative contributors, led by consumer expectations for business conditions.