The composite index of leading economic indicators slid 0.1% in April following an unrevised 0.3% gain in March, the Conference Board reported Thursday.
The coincident economic index grew 0.2% in April after an unrevised 0.2% gain in March, while the lagging index rose 0.5% after an unrevised 0.3% climb in March. The LEI stands at 95.5, the coincident index is at 104.3 and the lagging index is at 114.9 The LEI has a baseline of 100, which reflects the level in 2004.
Economists predicted LEI would be up 0.1% in the month.
“The indicators reflect an economy that’s still struggling to gain momentum,” said Conference Board economist Ken Goldstein. “Growth is slow but choppy, and consumers, executives and investors are looking for more progress.”
“The LEI declined slightly in April. Falling housing permits, rising initial claims for unemployment insurance and subdued consumer expectations offset small gains in the remaining components,” said board economist Ataman Ozyildirim.
“The LEI’s six-month growth rate fell slightly, but remains in expansionary territory and well above its growth at the end of 2011. The CEI, a measure of current economic conditions, has also increased for five consecutive months.”