Leading economic index dips 1%

NEW YORK The Conference Board reported that the Composite Index of Leading Economic Indicators dipped 0.1% in June, following a downwardly revised 0.2% decline in May, and a 0.1% increase in April.

Ken Goldstein, labor economist at The Conference Board, said "The domestic economy is showing no sign of strength. The Leading Index started to signal slow growth last spring, and the Coincident Index has been flat to declining since last fall. The deep financial crisis, a prolonged, intense slump in housing, high gasoline and food prices, weak consumer confidence and a weak dollar are all combining to produce unrelenting downward pressure on economic activity. This is also why it wouldn't take much to push the economy so that it's even weaker in the second half of 2008."

The Conference Board reported that the Coincident Index increased 0.1% in June, following a 0.1% decline in May, and no change in April. The Lagging Index declined 0.3% in June, following a 0.2% decline in May, and a 0.1% decline in April.