Financial News: U.S. Leading Economic Index Falls More Than Expected

U.S. Leading Economic Index Falls More Than Expected In September

10/21/2024 - 10:08:00 (RTTNews)

(RTTNews) - The Conference Board released a report on Monday showing its reading on leading U.S. economic indicators fell by more than expected in the month of September.

The report said the leading economic index slid by 0.5 percent in September after falling by a revised 0.3 percent in August.

Economists had expected the leading economic index to decrease by 0.3 percent compared to the 0.2 percent dip originally reported for the previous month.

Over the six-month period between March and September, the index tumbled by 2.6 percent compared to the 2.2 percent slump over the previous six-month period, the Conference Board said.

"Weakness in factory new orders continued to be a major drag on the US LEI in September as the global manufacturing slump persists," said Justyna Zabinska-La Monica, Senior Manager, Business Cycle Indicators, at The Conference Board. "Additionally, the yield curve remained inverted, building permits declined, and consumers' outlook for future business conditions was tepid."

She added, "Overall, the LEI continued to signal uncertainty for economic activity ahead and is consistent with The Conference Board expectation for moderate growth at the close of 2024 and into early 2025."

The Conference Board said the lagging economic index also fell by 0.3 percent in September after coming in unchanged in August.

Meanwhile, the coincident economic index inched up by 0.1 percent in September after rising by a downwardly revised 0.2 percent in August.

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