In March, US leading indicators came out broadly in line with expectations. The headline index dropped by 0.3%, while a figure of -0.2% was expected. The February outcome was however upwardly revised from -0.4% to -0.2%. Looking at the details, positive contributions came from M2 money supply, the interest rate spread and consumer expectations, while consumer goods orders stayed flat. Building permits, stock prices, pace of deliveries, average workweek, jobless claims and orders of non-defence capital goods showed negative contributions. Nevertheless, leading indicators are rather outdated as most of the sub-indices had already been released earlier.