10:44 AM EDT, 04/18/2024 (MT Newswires) -- The Conference Board's measure of leading economic indicators declined by 0.3% in March, a larger drop than the expectations for a 0.1% decrease in a survey compiled by Bloomberg as of 7:35 am ET and following a 0.2% increase in February.

"February's uptick in the U.S. LEI proved to be ephemeral as the Index posted a decline in March," said Justyna Zabinska-La Monica, Conference Board senior manager of business cycle Indicators. "Negative contributions from the yield spread, new building permits, consumers' outlook on business conditions, new orders, and initial unemployment insurance claims drove March's decline. The LEI's six-month and annual growth rates remain negative, but the pace of contraction has slowed. Overall, the Index points to a fragile--even if not recessionary--outlook for the U.S. economy."

There were positive contributions from 5 of the 10 components of the index.

The board said it expects Q2 and Q3 US gross domestic product growth to be moderate.