Leading indicators rose by 1.2 percent in October, twice as much as the 0.6 percent increase expected by economists polled by Reuters.

The index is a closely followed indicator on economic health.

The index "suggests that solid growth in the US economy will continue through the holiday season and into the new year," Conference Board research director Ataman Ozyildirim said in a statement.

In September, the index declined 0.2 percent, according to the Conference Board.

The index is a closely followed indicator for how healthy the U.S. economy is. The Conference Board tracks 10 components, including manufacturers' new orders, stock prices and average weekly initial claims for unemployment insurance.