Leading Economic Indicators Unchanged In August

After a sharp rise in July (revised to 0.4 percent), the index of leading economic indicators could manage no better than an unchanged reading in August. ISM manufacturing new orders have been weak and were the biggest negative in August followed by the stock market. Positives include building permits, which can be very volatile month to month, followed by the report's credit index. A slight positive is mixed readings, apart from the ISM, for manufacturing with an imputed dip in August consumer goods orders offset by an imputed no change for August core capital goods orders. The trend for this index has been mixed and consistent with slowing conditions six months out.