U.S. Leading Economic Index Shows Another Steep Drop In December
23 Januar 2023 - 11:15AM
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Continuing to signal a near-term recession for the U.S. economy,
the Conference Board released a report on Monday showing another
sharp drop by its reading on leading U.S. economic indicators in
the month of December.
The Conference Board said its leading economic index dove by 1.0
percent in December after tumbling by a revised 1.1 percent in
November.
Economists had expected the index to decrease by 0.7 percent
compared to the 1.0 percent slump originally reported for the
previous month.
"There was widespread weakness among leading indicators in
December, indicating deteriorating conditions for labor markets,
manufacturing, housing construction, and financial markets in the
months ahead," said Ataman Ozyildirim, Senior Director, Economics,
at the Conference Board.
Meanwhile, the report said the coincident economic index inched
up by 0.1 percent in December after coming in unchanged in
November.
The lagging economic index also increased by 0.3 percent in
December after edging up by 0.2 percent in the previous month.
"The coincident economic index (CEI) has not weakened in the
same fashion as the LEI because labor market related indicators
(employment and personal income) remain robust," said Ozyildirim.
"Nonetheless, industrial production— also a component of the
CEI—fell for the third straight month."
He added, "Overall economic activity is likely to turn negative
in the coming quarters before picking up again in the final quarter
of 2023."
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