The Conference Board released a report on Friday showing a continued decrease by its reading on leading U.S. economic indicators in the month of May.
The report showed the Conference Board's leading economic index fell by 0.4 percent in May, matching the revised drop seen in April.
Economists had expected the leading economic index to decrease by 0.4 percent compared to the 0.3 percent dip originally reported for the previous month.
"The US LEI fell again in May, fueled by tumbling stock prices, a slowdown in housing construction, and gloomier consumer expectations," said Ataman Ozyildirim, Senior Director of Economic Research at The Conference Board.
He added, "The index is still near a historic high, but the US LEI suggests weaker economic activity is likely in the near term-and tighter monetary policy is poised to dampen economic growth even further."
Meanwhile, the report showed the coincident economic index edged up by 0.2 percent in May following a 0.5 percent increase in April.
The Conference Board said the lagging economic index also advanced by 0.8 percent in May after climbing by 0.4 percent in the previous month.
