Per the Conference Board:
The leading index increased in September, the third increase in the last six months, and these increases and decreases have been alternating and offsetting each other. As a result, the leading index is now at the same level as in March 2007. In September, building permits made the largestnegative contribution which was offset by large positive contributions from vendor performance, stock prices, and unemployment insurance claims (inverted). In the period from March to September, gains in real money supply and stock prices have offset the weakness from the housing permits and interest rate spread components.