An indicator of U.S. economic activity declined in September, suggesting a slower pace of economic expansion ahead.
The Conference Board said Thursday its Leading Economic Index dipped 0.2 percent to 123.3 in September..
"Despite September's decline, the U.S. LEI still suggests economic expansion will continue, although at a moderate pace," said Ataman Ozyildirim, director of business cycles and growth research at The Conference Board.
"The recent weakness in stock markets, the manufacturing sector and housing permits was offset by gains in financial indicators, and to a lesser extent improvements in consumer expectations and initial claims for unemployment insurance. The U.S. economy is on track for moderate growth of about 2.5 percent in the coming quarters, despite the mixed global economic landscape."
The LEI is comprised of 10 components including manufacturer' new orders, stock prices, and average weekly initial claims for unemployment insurance.
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