Measure of U.S. economic activity declined in AugustA measure of future U.S. economic activity fell in August, signaling that the economy continues to struggle, according to the Associated Press.
The Conference Board's index of leading indicators, which is meant to forecast future economic activity, fell 0.1 percent in August after increasing 0.5 percent in July and decreasing 0.5 percent in June.
The decline stemmed from a drop in manufacturing orders, consumer confidence and average weekly manufacturing hours. Additionally, hiring has been slow this year and the unemployment rate remains at 8.1 percent.
The overall economy grew at a rate of 1.7 percent during the April-June quarter, and economists anticipate weak growth during the second half of this year.
Steven Wood, chief economist at Insight Economics, says the leading indicators report suggests "economic growth over the next six to nine months should be relatively modest with little possibility of a robust rebound."
Date : 9/25/2012