Index of leading US economic indicators falls by more than expected in December

A gauge of economic indicators designed to provide forward guidance on the US economy fell more sharply than expected at the end of 2022.

The Conference Board's index of leading economic indicators dropped by 1.0% versus November - its tenth consecutive monthly drop.

Economists had penciled in a decline of 0.7%.

Readings for October and November were revised lower by a tenth of a percentage point to -10.% and -1.1%, respectively.

Furthermore, over the back half of the previous year the LEI dropped by 4.2%, versus the 1.9% decline recorded during the first half, the Conference Board said.

A separate index of coincident indicators meanwhile edged up by 0.1% month-on-month while the index of lagging indicators rose by 0.3%.