US: CB Leading Economic Index fell by 4.4% to 98.8 in April
- CB Leading Economic Index fell for third straight month in April.
- Major equity indexes in the US struggle to find direction.
The Conference Board's (CB) Leading Economic Index declined by 4.4% (consensus -5.5%) in April to 98.8 after recording its largest monthly drop of 7.4% in March.
Commenting on the data, “business conditions may recover for some sectors and industries over the next few months,” said Bart van Ark, Chief Economist at the CB. “But, the breadth and depth of the decline in the LEI suggests that an imminent re-opening of some sectors does not imply a fast rebound for the economy at large.”
Market reaction
Wall Street's main indexes continue to trade mixed after this data. As of writing, the Dow Jones Industrial Average was up 0.32%, the Nasdaq Composite was down 0.35% and the S&P 500 was unchanged at 2,971 points.
Author
Eren Sengezer
FXStreet
As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.
