The numbers: The leading economic index surged 1.2% in October and suggested no letup in a steadily growing U.S. economy with the end of the year fast approaching.

The increase blew past a meager 0.1% gain in September, when a spate of hurricanes battered Texas and Florida. The LEI is a weighted gauge of 10 indicators designed to signal business-cycle peaks and valleys.

A measure of​ current economic conditions rose 0.3%, according to a survey produced by the privately run Conference Board. A “lagging” index that looks back at the recent past moved up 0.2%.

What happened: Virtually all of the 10 components of the index rose in October, snapping back from softness in September. Layoffs declined, hiring increased, stocks rose and the housing market rebounded, among other things.

Big picture: The U.S. economy is doing just fine. Growth has topped 3% for two quarters in a row and the fourth quarter could also reach that mark. If so, it would be the first time since the current expansion began in mid-2009 that growth hit 3% or more for three straight quarters

What they are saying?: “The US LEI increased sharply in October, as the impact of the hurricanes dissipated,” said Ataman Ozyildirim, director of business cycles research at the Board. “The growth of the LEI, coupled with widespread strengths among its components, suggests that solid growth in the US economy will continue through the holiday season and into the new year.”