U.S. Leading Economic Index Falls Slightly More Than Expected In January
February 20 2024 - 5:44AM
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The Conference Board released a report on Tuesday showing its
reading on leading U.S. economic indicators fell by slightly more
than expected in the month of January.
The report said the Conference Board's leading economic index
fell by 0.4 percent in January after dipping by a revised 0.2
percent in December.
Economists had expected the index to decrease by 0.3 percent
compared to the 0.1 percent dip originally reported for the
previous month.
"The U.S. LEI fell further in January, as weekly hours worked in
manufacturing continued to decline and the yield spread remained
negative," said Justyna Zabinska-La Monica, Senior Manager,
Business Cycle Indicators, at The Conference Board.
"While the declining LEI continues to signal headwinds to
economic activity, for the first time in the past two years, six
out of its ten components were positive contributors over the past
six-month period (ending in January 2024)," she added. "As a
result, the leading index currently does not signal recession
ahead."
The Conference Board said the leading economic index contracted
by 3.0 percent over the six-month period between July 2023 and
January 2024, a smaller decrease than the 4.1 percent decline over
the previous six months.
Meanwhile, the report said the coincident economic index rose by
0.2 percent in January, matching the uptick seen in December.
The lagging economic index also increased by 0.4 percent in
January, rebounding following a 0.4 percent decline in the previous
month.
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