The government said Friday that its key gauge for the current state of the economy remained above the boom-or-bust line of 50 percent in November for the seventh straight month, supporting sentiment that the economy is on course for recovery.

The index of coincident economic indicators came to 77.8 percent, down from a revised 100 percent in October, the Cabinet Office said in a preliminary report.

A reading above 50 percent is considered a sign of economic expansion, while a figure below the line is seen as a sign of contraction.