The index of leading economic indicators in the United States declined 0.1 percent in June, according to a report from the Conference Board. This follows a revised 0.2 percent drop for May. The organization says that for the first half of 2008, the leading index fell a total of 0.9 percent. The index forecasts economic activity for three to six months into the future. According to a statement from Ken Goldstein, labor economist at the Conference Board, the decline can be attributed to "a deep financial crisis, a prolonged, intense slump in housing, high gasoline and food prices, weaker consumer confidence, and a weak dollar." Six of the 10 indicators that make up the index declined in June: real money supply, stock prices, average weekly initial claims for unemployment insurance, average weekly manufacturing hours, index of consumer expectations, and manufacturers' new orders for non-defense capital goods; the four indicators on the positive side were building permits, interest rate spread, index of supplier deliveries, and manufacturers' new orders for consumer goods and materials.
All contents copyright 2022 Halcyon Business Publications, Inc.