LONDON (AFX) - NTC Research's leading indicator of overall economic activity in the UK showed signs of stabilising in January after the consumer confidence contribution fell. The leading indicator remained unchanged in January from a revised 102.4 in December. The indicator has risen over the last twelve months by 3.2 points. This, NTC said, signals "a clear upward turning point in the UK business cycle toward the end of 2001, with economic growth strengthening up to the final quarter of 2002. "Although caution must be exercised when interpreting the significance of a single data point that bucks the trend, January's flat data suggest that the rate of economic growth will at least stabilise towards the end of the year," NTC said. NTC explained that new housing starts, the yield curve, consumer credit, new car registrations and M4 money supply all exerted positive influences on the Indicator. However, NTC said that with the exception of M4 money supply growth, the con tributions of all the above mentioned components eased, partly explaining the recent flattening out of the leading indicator. "The first negative contribution from consumer confidence since November 2000 was also responsible for ending the upward trend in the Indicator in January," NTC said.