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Leading indicators were pulled down into the red by weak August manufacturing performance, according to data released Thursday.
The Conference Board’s leading economic index, which weighs 10 different economic indicators, fell 0.2% in August, MarketWatch reports. The drop is largely due to a decline in the average workweek for production workers.
“While the US LEI declined in August, its trend still points to moderate economic growth in the months ahead,” says Conference Board director of business cycles and growth research Ataman Ozyildirim. Over the six-month period ending in August, the index notched up 0.9%, or equivalent to a 1.8% annual rate—in line with the slow growth expected from GDP reports. [MW]
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