U.S. leading indicator falls again in May

WASHINGTON – A gauge of future U.S. economic activity declined further in May, pointing to slowing growth.

The Conference Board said on Friday its Leading Economic Index fell 0.4% last month, matching the decline in April. The drop was in line with economists’ expectations.

“The index is still near a historic high, but suggests weaker economic activity is likely in the near term, and tighter monetary policy is poised to dampen economic growth even further,” said Ataman Ozyildirim, the Conference Board’s senior director of economic research.

(Reporting by Lucia Mutikani; Editing by Paul Simao)