A forward-looking gauge of economic activity continued to soften in December, though the overall rate of decline improved in the last six months of 2023.
The Conference Board’s Leading Economic Index fell by 0.1% in December, below expectations, yet contracted by 2.9% over the past six months, down from 4.3% for the prior six-month period.
“Despite the overall decline, six out of 10 leading indicators made positive contributions to the LEI in December.
Moreover, other recent economic data – consumer sentiment, retail sales and jobless claims – has been positive and consistent with an expanding economy.
The Fed indicated then that members of its monetary policy committee favored at least three cuts in rates this year.
Persons:
LEI, Justyna, “, ”, –, Shaan Raithatha
Organizations:
The Conference, Congress, Federal, Commerce Department, Vanguard, Fed
Locations:
U.S, Wells Fargo