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U.S. Leading Economic Index Unexpectedly Unchanged In May

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With positive contributions from financial conditions and consumers' outlook offset by weakness in stock prices and the manufacturing sector, the Conference Board released a report on Thursday showing its reading on leading U.S. economic indicators was unchanged in the month of May.

The Conference Board said its leading economic index was unchanged in May after inching up by a downwardly revised 0.1 percent in April.

Economists had expected the index to tick up by 0.1 percent compared to the 0.2 percent increase originally reported for the previous month.

"While the economic expansion is now entering its eleventh year, the longest in US history, the LEI clearly points to a moderation in growth towards 2 percent by year end," said Ataman Ozyildirim, Director of Economic Research at the Conference Board.

The headline index came in unchanged as positive contributions from consumers' outlook and the Leading Credit Index were offset by negative contributions from stock prices, the ISM New Orders Index, and initial jobless claims.

The report also said the coincident economic index rose by 0.2 percent in May following a 0.1 percent uptick in April, reflecting positive contributions from all four indicators that make up the index.

On the other hand, the lagging economic index fell by 0.2 percent in May after edging down by 0.1 percent in the previous month.

The dip partly reflected negative contributions from the average duration of unemployment, the change in consumer prices for services, and commercial and industrial loans outstanding.

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