Recession risks are rising in the near term, a gauge of leading indicators for the U.S. economy indicated Thursday.
The Leading Economic Index fell by 0.4 percent in July, after dropping 0.7 percent in June. Over the first six months of the year, the index is down 1.6 percent.
Ozyildirim said the index was weighed down by consumer pessimism, a declining stock market, and slowing labor markets. Housing construction slumping and weakness in manufacturing orders also point to an intensification and spread of economic weakness throughout the economy. The LEI uses 10 indicators designed to show whether the economy is likely to strengthen or weaken in the coming months.
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