US economic indicators dip more than expected

0 Comments | AFP, August, 2008

WASHINGTON (AFP) — A forward-looking index of key US economic indicators fell by a more-than-expected 0.7 percent in July as economic headwinds continued to challenge American consumers, the Conference Board said Thursday.

The private survey group said its Leading Economic Index, which tracks a range of economic and market factors, dropped notably after remaining unchanged in June, suggesting consumers remain pessimistic about economic momentum.

Most economists had predicted a drop of 0.3 percent in the index.

"The recent decline in gas prices isn't enough to overcome all the negative momentum that's been building up through the spring and summer," said Ken Goldstein, a labor economist at the Conference Board.

Sagging demand for home construction...