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The US Conference Board Leading Economic Index (LEI) dropped 0.4% in May to reach 118.3, after falling 0.4% in April (revised). The index has decreased 0.4% over the past six months.

“The US LEI fell again in May, fueled by tumbling stock prices, a slowdown in housing construction, and gloomier consumer expectations,” said Ataman Ozyildirim, Senior Director of Economic Research at The Conference Board. Although still close to a historic high, the LEI’s recent decrease suggests that economic activity is weakening. “And tighter monetary policy is poised to dampen economic growth even further,” Ozyildirim added.

The Coincident Economic Index rose 0.2% to 108.8 in May, while the Lagging Economic Index increased 0.8% to 112.9.

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