The Conference Board leading economic index (LEI) for the United States increased by 0.1 per cent in February 2024 to 102.8 following a 0.4 per cent decline in January. This was the first rise since February 2022.

Over the six-month period between August last year and February this year, the LEI contracted by 2.6 per cent—a smaller decrease than the 3.8-per cent decline over the previous six months.

“Strength in weekly hours worked in manufacturing, stock prices, the leading credit index, and residential construction drove the LEI’s first monthly increase in two years. However, consumers’ expectations and the ISM index of new orders have yet to recover, and the six- and twelve-month growth rates of the LEI remain negative, said Justyna Zabinska-La Monica, senior manager, business cycle indicators, at the think tank.

“Despite February’s increase, the index still suggests some headwinds to growth going forward. The Conference Board expects annualised US GDP growth to slow over the Q2 to Q3 2024 period, as rising consumer debt and elevated interest rates weigh on consumer spending,” she noted in a release.

The think tank’s coincident economic index (CEI) for the country rose by 0.2 per cent in February this year to 112.3 after a 0.1-per cent increase in January. The CEI rose by 1.1 per cent over the six-month period ending February 2024, up from 0.8 per cent over the previous six months.

The CEI’s component indicators—payroll employment, personal income less transfer payments, manufacturing and trade sales, and industrial production—were positive last month.

Fibre2Fashion News Desk (DS)

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