Measure of future U.S. activity fell in August
ASSOCIATED PRESS September 20, 2012 9:14AM
Updated: September 20, 2012 9:15AM
WASHINGTON — A measure of U.S. economic activity declined in August for the second time in three months, suggesting the economy remains weak.
The Conference Board says its index of leading indicators, designed to forecast future economic activity, dipped 0.1 percent in August after rising 0.5 percent in July and dropping 0.5 percent in June.
The weakness in August came from declines in manufacturing orders, consumer confidence and average weekly manufacturing hours. Conference Board economist Ken Goldstein says the index depicts an economy still facing significant domestic and international weakness.
The overall economy grew at an annual rate of just 1.7 percent in the April-June quarter. Many economists believe growth will stay weak in the second half of this year.