2024-01-22 21:46:24
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Published on: Monday, January 22, 2024 – 11:45 PM | Last updated: Monday, January 22, 2024 – 11:45 PM
An economic report published today, Monday, showed a decline in economic activity in the United States during the past month, following major indicators declined slightly.
The Conference Board Institute for Economic Studies stated that the main economic indicator of economic activity declined last month by 0.1% following declining during the previous month by 0.5%, according to the revised data. Analysts had expected the index to decline by 0.3% last month.
Justinia Zabinska La Monica, senior director of business cycle indicators at the Conference Board, said: “Despite the general decline, there are six indicators out of 10 major indicators that recorded an increase during December.”
“However, the weak state of the manufacturing sector with high interest rates and low consumer confidence has offset the positive impact of the improvement in these indicators,” she added.
At the same time, the economic lag index, which monitors financial conditions following major economic transformations, declined by 0.2% last month following rising by 0.5% during the previous month.
The Conference Board Institute said that the economic synchronization index, which measures the state of current economic activity, rose last December by 0.2%, the same rate of increase during the previous November.
Zabinska La Monica said, “With the slowing pace of the monthly decline, the semi-annual and annual growth rates of the main economic indicator have begun to take an upward trend, but they are still negative, which means the possibility of an economic recession continues.”
She added, “In general, we expect the GDP to contract during the second and third quarters of 2024, with recovery beginning at the end of the year.”
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