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Chart of the week: Leading indicators worsen

The US Index of Leading Indicators, a composite of 10 economic data points that includes things like the jobs market, consumer sentiment, manufacturing activity, and more, has continued to slide further into negative territory. Typically, this would be a worrying signal: Deep, negative readings for this indicator are perceived to potentially forecast changes in the overall economy and turning points in markets. This index is approaching the previous low set during the COVID pandemic, yet investor and business sentiment, broadly speaking, is not nearly as dour as it was then.
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Source: FactSet, as of May 30, 2023.
Previous charts of the week Date
Largest 10 led 05/25/2023
US at peak interest rates? 05/18/2023
Setting Wall Street's bar too low? 05/11/2023
Gold $2,000 04/27/2023

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