Business news for Sat, 22 Dec 2007 & with words economic+economy. 2 news.

The area's Leading Economic Indicators Index moved higher month over month and year over year in October, according to information released Friday by Wichita State University's Center for Economic Development and Business Research. According to the center, the index increased 1 percent from September to October, and 7.6 percent from October 2006. The LEI Index comprises nine monthly indexes, ranging from monthly initial unemployment claims to wheat futures to building permits. The center said an increase in the LEI Index over several months signals an expansion of the Wichita economy over the next six months. -- Jerry Siebenmark

OIL prices jumped in light trading yesterday after the government reported that consumer spending surged last month, raising hopes that the US economy will weather the crisis roiling credit markets and that demand for oil and gasoline will strengthen. The Commerce Department said consumer spending jumped 1.1 percent in November, the biggest one-month gain since 2004 and well above analyst expectations for an 0.7 percent increase. Light, sweet crude for February delivery rose US$2.25 to settle at US$93.31 a barrel on the New York Mercantile Exchange. Oil prices were also supported by stocks, which rose yesterday, and a slightly weaker dollar. Energy investors often view stock market moves as reflective of overall economic sentiment. Also, oil futures offer a hedge against a weak dollar, and oil futures bought and sold in dollars are more attractive to foreign investors when the greenback is falling. Many observers blame oil's rise last month to near US$100 on speculators