Leading economic indicators continue in the wrong direction, but their "negative momentum" eased a bit in February, according to the Leading Economic Index (LEI) of The Conference Board.
The Index declined 0.4% in February, following declines of 0.1% in both January and December.
Although the Index continued to slide, "strengths and weaknesses were roughly balanced among its components," said Ken Goldstein, economist with The Conference Board. "Financial market volatility remains strong, and the credit market freeze is relenting very slowly. The LEI suggests the recessions will continue in the near term. A return to strong growth will not likely occur until 2010," Goldstein added.
The current recession is generally considered to have begun in December, 2007. The Conference Board LEI began declining four months earlier.