A report released by the Conference Board on Thursday showed a continued decrease by the group's reading on leading U.S. economic indicators in the month of April.
The Conference Board said its leading economic index slid by 0.6 percent in April after tumbling by 1.2 percent in March. The decrease, which matched economist estimates, marked the thirteenth consecutive decline by the index.
"Weaknesses among underlying components were widespread-but less so than in March's reading, which resulted in a smaller decline," said Justyna Zabinska-La Monica, Senior Manager, Business Cycle Indicators, at The Conference Board.
"Importantly, the LEI continues to warn of an economic downturn this year," she added. "The Conference Board forecasts a contraction of economic activity starting in Q2 leading to a mild recession by mid-2023."
The Conference Board said the coincident economic index rose by 0.3 percent in April after inching up by 0.2 percent in March.
Meanwhile, the lagging economic index edged down by 0.1 percent in April after coming in unchanged in the previous month.
