The index of leading economic indicators dropped by 0.3% last month which was 0.1% more than expected. The weak spots were the falling workweek, rising jobless claims, faster delivery times, lower building permits and a drop in stock prices.
This isn’t a surprise. The silver lining is that GDP is no longer contracted by over 6%. Instead, it’s probably contracting by only 2% to 3%.
This is good news, but it will be even better when GDP turns up in the third and fourth quarters.