The composite index of leading economic indicators fell 0.8% in October, the Conference Board reported yesterday.
LEI increased a revised 0.1% in September after originally being reported as a 0.3% increase.
The coincident index was up 0.2% after a 0.7% decline in September, originally reported as a 0.5% slip, while the lagging index rose 0.1% after a 0.3% jump in September, originally reported as a 0.2% decrease.
The LEI stands at 99.6, the coincident index is 105.6, and the lagging index is at 113.3.
Economists polled by Thomson Reuters predicted LEI would be off 0.6% in the month.
“The economy is contracting and the pace of contraction may intensify over the next few months,” said Conference Board labor economist Ken Goldstein. “The economy was very weak, laboring under the weight of a sustained and intense housing downturn and sustained sharp increases in energy prices. While energy prices have begun to reverse, the financial crisis sharply lowered consumer and business expectations. The result is a contraction in demand that may intensify this winter.”
