Financial News: U.S. Leading Economic Index Dips Slightly Less Than

U.S. Leading Economic Index Dips Slightly Less Than Expected In August

09/19/2024 - 10:10:00 (RTTNews)

(RTTNews) - A report released by the Conference Board on Thursday showed its reading on leading U.S. economic indicators edged down slightly less than expected in the month of August.

The Conference Board said its leading economic index dipped by 0.2 percent in August after falling by 0.6 percent in July. Economists had expected the index to decrease by 0.3 percent.

"In August, the US LEI remained on a downward trajectory and posted its sixth consecutive monthly decline," said Justyna Zabinska-La Monica, Senior Manager, Business Cycle Indicators, at The Conference Board. "The erosion continued to be driven by new orders, which recorded its lowest value since May 2023."

"A negative interest rate spread, persistently gloomy consumer expectations of future business conditions, and lower stock prices after the early-August financial market tumult also weighed on the Index," she added. "Overall, the LEI continued to signal headwinds to economic growth ahead."

Meanwhile, the Conference Board said the LEI fell by 2.3 percent over the six-month period between February and August 2024, a smaller rate of decline than the 2.7 percent drop over the six-month period between August 2023 and February 2024.

The report also said the coincident economic index increased by 0.3 percent in August after edging down by 0.1 percent in July. The lagging economic index came in unchanged in August after slipping by 0.1 percent in the previous month.

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