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Thursday, July 19, 2007

U.S. Economy: Leading Index Fell More Than Forecast

" A measure of the economy's future fell more than forecast in June, pulled down by a slump in building permits that signals housing will remain the biggest drag on growth.

The Conference Board's leading economic indicator index declined 0.3 percent after rising a revised 0.2 percent in May, the New York-based research group said today. A report from the Federal Reserve Bank of Philadelphia showed manufacturing in the region cooled.

The leading index was forecast to fall 0.1 percent, according to the median of economists' projections in a Bloomberg News survey, after an originally reported May increase of 0.3 percent. The index, which points to the economy's outlook over the next three to six months, has been down in four of the first six months of 2007. "

Source: U.S. Economy: Leading Index Fell More Than Forecast (Update3) (