21 July 2011 17:49 [Source: ICIS news]
WASHINGTON (ICIS)--A key index of US economic performance rose by 0.3% in June, the Conference Board said on Thursday, but the pace of recovery continues to slow
The Conference Board, a 94-year-old business analysis group in New York City, said that its leading economic index (LEI) rose to 115.3 last month and followed an 0.8% gain in May and a 0.3% decline in April.
The LEI represents a cumulative measure of 10 different business and economic gauges, such as manufacturers’ new orders, residential building permits, interest rates and consumer sentiment, among others.
The 0.3% improvement in June was attributed to new orders for manufactured consumer goods, an upturn in building permits and money supply. Those gains helped offset negative numbers in consumer expectations and a decline in manufacturers’ orders for nondefense capital goods.
Conference Board economist Ken Goldstein said that “The economy faced some recent unexpected headwinds, including a shortage of auto and electronic parts from ?xml:namespace>
“Another potential headwind is the debt ceiling issue, which could result in a financial crisis in the near term if not resolved,” Goldstein added.
The leading indicators have improved more or less steadily since just before the
“The six-month change in the index has continued to moderate,” the board said.
In the January-June 2011 period, the LEI grew at 2.7%, the board said, a slower pace than the 3.2% rate of expansion recorded for the last six months of 2010.
Paul Hodges studies key influencers shaping the chemical industry in Chemicals and the Economy
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