Leading indicators of the U.S. economy fell for the eighth consecutive month in October due to weakness in the housing market and manufacturing, as well as rising unemployment claims.
The Conference Board said its leading indicators index fell 0.3% last month. The Conference Board said the index fell 2.2% in the six months from April to October 2024, slightly higher than the 2% decline in the previous six months, indicating that the U.S. economy was feeling more constrained. He pointed out that it was suggested.
Justina Zabinska La Monica, senior manager of cyclical indicators at the Conference Board, said: “The biggest negative factor in the decline in the LEI was new orders in the manufacturing sector, which remained weak in 11 out of 14 industries. ” “Manufacturing hours worked in October fell by the most since December 2023, but unemployment claims rose and construction permits fell, partly reflecting the impact of hurricanes in the southeastern United States. , negative yield spreads continued to weigh on the LEI.Aside from a possible temporary impact from the hurricane, the US LEI continued to signal challenges to future economic activity.
Despite these challenges, the U.S. economy is expected to continue growing. The index stopped showing signs of an impending recession in October, the Conference Board said.
