America’s recessionary drumbeat just got louder as a key economic gauge from the Conference Board dropped for the fifth month in a row, weighed down by a slowing job market, weak manufacturing new orders, and deep consumer pessimism.
The Leading Economic Index (LEI) for the United States, which is a forward-looking gauge designed to predict business cycle shifts including recessions, fell by 0.4 percent in July, following a 0.7 percent drop in June, the Conference Board said on Aug. 18.
“The U.S. LEI declined for the fifth consecutive month in July, suggesting recession risks are rising in the near term,” Ataman Ozyildirim, senior director for economics at the Conference Board, said in a statement….