WASHINGTON (dpa-AFX) - The Conference Board released a report on Friday showing its reading on leading U.S. economic indicators declined for the eleventh consecutive month in February.
The report said the leading economic index fell by 0.3 percent in February, matching the decrease seen in January. Economists had expected the index to dip by 0.2 percent.
'Negative or flat contributions from eight of the index's ten components more than offset improving stock prices and a better-than-expected reading for residential building permits,' said Justyna Zabinska-La Monica, Senior Manager, Business Cycle Indicators, at The Conference Board.
She added, 'While the rate of month-over-month declines in the LEI have moderated in recent months, the leading economic index still points to risk of recession in the US economy.'
Meanwhile, the report said the coincident economic index inched up by 0.1 percent in February after rising by 0.2 percent in January.
The Conference Board said the lagging economic index also increased by 0.2 percent in February after edging up by 0.1 percent in the previous month.
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