A gauge of the US economy’s future prospects rose in August for a seventh-straight month but at a slower pace, a report said Friday.
The index of leading economic indicators – compiled by the Conference Board, a New York-based business think tank – rose 0.2 per cent in August to 103.8 on a scale based on a 2004 benchmark of 100.
The 10-component index, which is meant to predict the direction of the US economy three to six months into the future, had increased a revised 1.1 per cent in July and 0.7 per cent in June.
Noting the slower rate of growth in August, economist Ataman Ozyildirim said expansion has been held back “slightly” by lackluster home building and capital investments.
Another economist with the board, Ken Goldstein, said it was likely the economy “won’t repeat its stellar second-quarter performance in the second half.”
GNA
