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U.S. Leading Economic Index Dips Much Less Than Expected In January
(RTTNews) - A report released by the Conference Board on Friday showed its reading on leading U.S. economic indicators fell by much less than expected in the month of January.
The Conference Board said its leading economic index dipped by 0.3 percent in January after falling by a revised 0.8 percent in December.
Economists had expected the leading economic index to decrease by 0.8 percent compared to the 1.0 percent slump originally reported for the previous month.
Ataman Ozyildirim, Senior Director, Economics, at the Conference Board, noted deteriorating manufacturing new orders, consumers' expectations of business conditions, and credit conditions more than offset strengths in labor markets and stock prices.
"While the LEI continues to signal recession in the near term, indicators related to the labor market—including employment and personal income—remain robust so far," said Ozyildirim.
He added, "Nonetheless, The Conference Board still expects high inflation, rising interest rates, and contracting consumer spending to tip the U.S. economy into recession in 2023."
Meanwhile, the report said the coincident economic index inched up by 0.2 percent in January after showing no change in December.
The lagging economic index also crept up by 0.2 percent in January following a 0.6 percent increase in the previous month.
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