U.S. Economic Conditions: Leading Growth Index Plunges

Posted: 21-10-2008 Collector:chngarment

The Economic Cycle Research Institute's (ECRI) Weekly Leading Index is viewed as an important barometer of future economic growth. Unfortunately during week ending October, the ECRI index plunged to its lowest level since October 25, 2002, dropping to 117. The rate of annualized growth declined to a -17.9%, the sharpest contraction since the early 1970s. This downtrend followed the release of U.S. industrial production stats that revealed 3rd quarter output had tumbled 6 %, the most significant slide since 1991. Philadelphia's Factory Index hit an 18-year low during the 3rd quarter, U.S. homebuilder confidence fell to a record bottom in October and new home construction declined to a 17-1/2 year low in September.


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