Conference Board Report Shows Weakening Economy

Washington, DC, July 21, 2008--The economy may weaken further this year, according to a report from the Conference Board.

The index of leading economic indicators, which attempts to forecast turning points in the economy, declined 0.1 percent in June. The result for May was revised to a decline of 0.2 percent, compared with a prior estimate of a 0.1 percent gain.

"The domestic economy is showing no sign of strength," said Ken Goldstein, labor economist at the Conference Board.

"The deep financial crisis, a prolonged, intense slump in housing, high gasoline and food prices, weak consumer confidence and a weak dollar are all combining to produce unrelenting downward pressure on economic activi