Iowa economic indicators up for 14th straight month in November

The index of leading economic indicator used by the Iowa Department of Revenue to forecast the state's economy rose for the 14th consecutive month in November.

The Iowa Leading Indicators Index rose to 102.4 in November from 101.6 in October. Out of eight index components, the New Orders Index was the only one that declined. It fell from 69.8 to 69.4.

Among the other seven, the biggest contributors were the agricultural futures profits index and the Iowa Stock Market Index. The agricultural futures profits index is a composite measure of expected corn, soybean, hot and cattle profits.

Corn and soybean profits were both up sharply. Corn rose 18.5 cents to 91.8 cents per bushel, and soybean profits rose 30.7 cents per bushel to 257.8 cents per bushel. Hog and cattle profits were up only slightly.

Diesel fuel consumption in Iowa was up 12.9 percent from December 2009, causing the 12-month moving average to rise 1.1 percent to 54.27 million gallons.

Other index components are average weekly manufacturing hours worked, the Iowa stock market index, average weekly unemployment claims, building permits, the new orders index, and the yield spread. The yield spread is the difference between the interest yielded on 10-year U.S. Treasury bonds and three-month U.S. Treasury notes.

The department said its Iowa non-farm coincident index increased for the fifth consecutive month in November. The index measures the change in non-seasonally adjusted total non-farm employment. It increased 0.4 percent based on a 12-month moving average of employment.