US, October leading indicator suggests that the economy is in recession

US October consumer confidence drops to 1025 points

(Finance) – The US super-index relative to American economic conditions fell more than expected. As communicated by the United States Conference Board, the Leading Indicator (LEI) it stands at 114.9 points, down by 0.8% compared to the previous month (when the decline was 0.5%, revised by -0.4%) and compared to the -0.4% expected by analysts .

The component that pertains to the current situation increased by 0.1% to 109.3 points, while the one on future expectations it grew by 0.1% to 116.3 points.

US LEI fell for eighth consecutive month, suggesting the economy is likely in a recession” – he has declared Ataman Ozyildirim, Senior Director, Economics, at The Conference Board -. “The decline in the LEI reflects the deteriorating consumer outlook due to high inflation and rising interest rates, as well as the declining outlook for housing construction and manufacturing. Conference Board expects real GDP growth to be 1.8% on an annualized basis in 2022, and a recession is likely to start towards the end of the year and last through mid-2023.”

(Photo: by Rabih Shasha on Unsplash)