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Financial News: U.S. Leading Economic Index Jumps For Third Straight

U.S. Leading Economic Index Jumps For Third Straight Month In July

08/20/2020 - 10:24:00 (RTTNews)

(RTTNews) - The Conference Board released a report on Thursday showing its leading economic index for the U.S. increased for the third straight month in July, although the pace growth by the index slowed from the two previous months.

The report said the leading economic index jumped by 1.4 percent in July after surging up by 3.0 percent in June and by 3.1 percent in May.

"Despite the recent gains in the LEI, which remain fairly broad-based, the initial post-pandemic recovery appears to be losing steam," said Ataman Ozyildirim, Senior Director of Economic Research at The Conference Board.

He added, "The LEI suggests that the pace of economic growth will weaken substantially during the final months of 2020."

The Conference Board said the coincident economic index climbed by 1.2 percent in July following a 2.9 percent spike in June.

Meanwhile, the lagging economic index fell by 1.0 percent in July after tumbling by 2.3 percent in the previous month.

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