A leading indicator of the British economy declined for the first time in four months in October, driven mainly by continued weakness in business confidence, data from a survey by the Conference Board showed Tuesday.
The leading economic index decreased to 102 in October from 102.4 in September, marking the first decline in four months. Four of the seven components made negative contributions to the index.
The coincident economic index, meanwhile, remained unchanged at 103.6 during the month, after decreasing 0.1 percent in September and remaining unchanged in August.
During the six months ended October, the leading indicator decreased 1.4 percent, while the coincident index increased by 0.9 percent.
"The six-month growth rate of the index has now fallen further into negative territory and it's becoming increasingly uncertain whether an economic recovery will continue, even at a slow pace, in the near term," Brian Schaitkin, Economist for Europe with The Conference Board, said.
"Despite sluggish current conditions, recent gains in household consumption and consumer confidence in November are providing a small ray of hope for the holiday season."
by RTT Staff Writer
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