UK Leading Economic Index drops 0.3 per cent in February

18 Apr '24

2 min read

UK Leading Economic Index drops 0.3 per cent in February

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UK's Conference Board LEI fell by 0.3 per cent in February 2024, reaching 75.8, following two months of stability.
Meanwhile, the Coincident Economic Index (CEI) increased by 0.2 per cent in February to 104.9, with a 0.6 per cent rise over the last six months, indicating potential easing of economic headwinds, according to The Conference Board.

The Conference Board Leading Economic Index (LEI) for the United Kingdom declined by 0.3 per cent in February 2024 to 75.8 (2016=100), after being unchanged in the previous two months according to revised data. The LEI for the UK contracted by 1.6 per cent between August 2023 and February 2024, a much slower rate of decline than the contraction of 5.1 per cent over the previous six-month period.

The Conference Board Coincident Economic Index (CEI) for the United Kingdom increased by 0.2 per cent in February 2024 to 104.9 (2016=100), after increasing by 0.3 per cent in January. Over the six-month period between August 2023 and February 2024, the CEI for UK rose by 0.6 per cent, slightly faster than the 0.4 per cent growth over the previous six-month period, The Conference Board said in a press release.

“The UK LEI declined in February, but the six-month pace of decline has been moderating in recent months,” said Allen Li, associate economist at The Conference Board. “In addition, fewer components have been declining, with working hours and share prices seeing improvement in recent months. Overall, this suggests that headwinds to economic growth in the United Kingdom may start easing later in the year. The Conference Board currently projects that annual real GDP growth will pick up slightly in 2024 to 0.4 per cent, largely thanks to expected rate cuts.”

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