Utah's Index of Leading Economic Indicators showed a modest gain in October, partially offsetting a September decline, according to a report from First Security Corp.

"The October increase of 0.5 percent was the third positive change in the past four months. In contrast, the national Index of Leading Indicators in October dropped for the fourth consecutive month," said Kelly Matthews, First Security chief economist.While the Utah index continues to signal real growth, Matthews said, "the strength of that expansion has clearly lessened in the past two months. Nevertheless, with inflation and seasonal variation removed, even modest growth places Utah among the economically healthiest states."

The annual Utah growth momentum in October increased 1.7 percent, up slightly from September's 1.6 percent. "The October index was 156.9 (January 1978

100) compared to a revised 156.1 in September," the report said.

The individual indicators in Utah's index include new automobile loans, the consumer loan delinquency rate, initial claims of unemployment and valuation of non-residential construction permits.

It also considers new dwelling unit permits, manufacturing workweek hours, non-agricultural job placements, new automobile sales and new Utah corporations. In September, six of these nine components had negative changes, the report said.