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Financial News: U.S. Leading Economic Index Climbs Less Than Expected

U.S. Leading Economic Index Climbs Less Than Expected In June

07/22/2021 - 10:58:00 (RTTNews)

(RTTNews) - The Conference Board released a report on Thursday showing its reading on leading U.S. economic indicators increased by less than expected in the month of June.

The report said the Conference Board's leading economic index climbed by 0.7 percent in June after advancing by a downwardly revised 1.2 percent in May.

Economists had expected the index to increase by 1.0 percent compared to the 1.3 percent jump originally reported for the previous month.

"June's gain in the U.S. LEI was broad-based and, despite negative contributions from housing permits and average workweek, suggests that strong economic growth will continue in the near term," said Ataman Ozyildirim, Senior Director of Economic Research at The Conference Board.

He added, "While month-over-month growth slowed somewhat in June, the LEI's overall upward trend-which started with the end of the pandemic-induced recession in April 2020-accelerated further in Q2."

Ozyildirim said the Conference Board still expects year-over-year real GDP growth of 6.6 percent for 2021 and 3.8 percent for 2022.

The report showed the coincident economic index rose by 0.4 percent in June following a 0.5 percent increase in May.

Meanwhile, lagging economic index came in unchanged in June following a 0.6 percent increase in the previous month.

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