An indicator of U.S. economic activity declined in July, missing analyst expectations and suggesting some trouble for the economic outlook ahead. (Tweet this)
The Conference Board said Thursday its Leading Economic Index dipped by 0.2 percent to 123.3 in July following a 0.6 percent increase in June, and a 0.6 percent increase in May. Analysts had expected the index to gain by 0.2 percent in July.
"The U.S. LEI fell slightly in July, after four months of strong gains. Despite a sharp drop in housing permits, the U.S. LEI is still pointing to moderate economic growth through the remainder of the year," said Ataman Ozyildirim, economist at the Conference Board, in a press release.
"Current conditions, measured by the coincident economic index, have been rising moderately but steadily, driven by rising employment and income, and even industrial production has improved in recent months."
The LEI is comprised of 10 components including manufacturer' new orders, stock prices, and average weekly initial claims for unemployment insurance.
Click here for the latest on the markets.