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Index of US leading indicators dips 0.1pc

Published: July 22, 2008

WASHINGTON - A forward-looking index of economic indicators fell 0.1 percent in June, suggesting difficult conditions for the remainder of the year, the Conference Board reported Monday.
The small decline followed a revised drop of 0.2 percent in May in the index of leading economic indicators from the business research group. The prior estimate was a gain of 0.1 percent.
“The domestic economy is showing no sign of strength,” said Ken Goldstein, economist at the Conference Board.
“The deep financial crisis; a prolonged, intense slump in housing; high gasoline and food prices; weak consumer confidence and a weak dollar are all combining to produce unrelenting downward pressure on economic activity.”
He added: “This is also why it wouldn’t take much to push the economy so that it’s even weaker in the second half of 2008.”
Other indicators in the survey were mixed. The coincident index of current activity edged up 0.1 percent and the lagging index fell 0.3 percent.

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