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US economic barometer drops for sixth month in a row, potentially ‘signaling a recession

 US economic barometer drops for sixth month in a row, potentially ‘signaling a recession

The Conference Board said Thursday that its Leading Economic Index for the United States dipped last month. The index, which tracks a range of metrics capturing activity in the jobs market, manufacturing, financial markets and housing, is designed to detect when recessions are coming.

Among the 10 components in the index, all but two were in negative territory over the past six months.

Ataman Ozyildirim, senior director of economics at The Conference Board, said the six-month slump for this index is “potentially signaling a recession.”

“Economic activity will continue slowing more broadly throughout the US economy and is likely to contract. A major driver of this slowdown has been the Federal Reserve’s rapid tightening of monetary policy to counter inflationary pressures,” Ozyildirim said, adding that The Conference Board projects a recession in the coming quarters.

Read full article…www.cnn.com