Drop in Leading Index Points to Slower Growth
Bloomberg reported that the index of U.S. leading indicators unexpectedly declined in March, and manufacturing in the Philadelphia region slowed this month, adding to evidence the economy will cool.
Bloomberg reported that the Conference Board’s gauge of the outlook for the next three to six months fell 0.1% in March, the first drop since August.
Coupled with a manufacturing slowdown in the Philadelphia region, Bloomberg notes that the figures underscore an economy that hit a rough patch at the end of the first quarter as manufacturing eased and higher payrolls taxes began to bite.
Bloomberg said, however, that last week the Bloomberg Consumer Comfort Index rose to a five-year high which would indicate that any slowdown in spending will be only temporary.
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