A forward-looking index of economic indicators fell 0.1% in June, suggesting difficult conditions for the remainder of the year, the Conference Board said today.
The small decline followed a revised drop of 0.2% in May in the index of leading economic indicators from the business research group. The prior estimate was a gain of 0.1%.
'The domestic economy is showing no sign of strength,' said Ken Goldstein, economist at the Conference Board.
'The deep financial crisis; a prolonged, intense slump in housing; high gasoline (petrol) and food prices; weak consumer confidence and a weak dollar are all combining to produce unrelenting downward pressure on economic activity,' he said.
'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,' he added.
Other indicators in the survey were mixed. The coincident index of current activity edegd up 0.1% and the lagging index fell 0.3%.
