U.S. Leading Economic Index Declines For Fifth Straight Month In July
(RTTNews) - A report released by the Conference Board on Thursday showed a continued decrease by its reading on leading U.S. economic indicators in the month of July.
The Conference Board said its leading economic index fell by 0.4 percent in July following a revised 0.7 percent decrease in June.
Economists had expected the index to decline by 0.5 percent compared to the 0.8 percent drop originally reported for the previous month.
"The US LEI declined for a fifth consecutive month in July, suggesting recession risks are rising in the near term," said Ataman Ozyildirim, Senior Director, Economics, The Conference Board.
He added, "Consumer pessimism and equity market volatility as well as slowing labor markets, housing construction, and manufacturing new orders suggest that economic weakness will intensify and spread more broadly throughout the US economy."
Despite the decrease by the headline index, the report showed the coincident economic index rose by 0.3 percent in July after inching up by 0.1 percent in June.
The lagging economic index also increased by 0.4 percent in July following a 0.7 percent advance in the previous month.
"The Conference Board projects the US economy will not expand in the third quarter and could tip into a short but mild recession by the end of the year or early 2023," Ozyildirim said.
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