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Leading economic indicator declines in June
WASHINGTON (Reuters) - A gauge of future economic activity fell more than expected in June, pointing to slower economic growth.
The Conference Board said on Thursday its Leading Economic Index dropped 0.3 percent to 95.6 after rising 0.4 percent in May, and worse than economists' expectations for a 0.1 percent dip.
Downbeat consumer expectations and weak manufacturing orders offset gains in construction and the average workweek.
"The LEI is pointing to no strengthening (in economic growth) over the next few months as the economy continues to sail through strong headwinds domestically and internationally," said Ken Goldstein an economist at the Conference Board.
The recovery has lost steam in recent months, with job growth slowing sharply and retail sales contracting. Factory activity, which has been one of the key pillars of the recovery, is also cooling.
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