The composite of the Leading Economic Index was down 0.2% in September following an upwardly revised 0.4% increase in August, first reported as a 0.3% gain, the Conference Board reported Thursday.
The coincident index gained 0.1% in September after a revised flat reading in August, first reported as a 0.3% increase, while the lagging index was down 0.1% in September, after an upwardly revised 0.4% rise in August, first reported as a 0.1% increase.
The LEI stands at 128.6, the coincident index is at 115.7 and the lagging index is at 125.2 The LEI has a baseline of 100, which reflects the level in 2010.
Economists polled by IFR Markets predicted LEI would be up 0.1% in the month.
“The U.S. LEI declined slightly in September for the first time in the last twelve months, partly a result of the temporary impact of the recent hurricanes,” said Ataman Ozyildirim, director of business cycles and growth research at The Conference Board. “The source of weakness was concentrated in labor markets and residential construction, while the majority of the LEI components continued to contribute positively. Despite September’s decline, the trend in the U.S. LEI remains consistent with continuing solid growth in the U.S. economy for the second half of the year.”