U.S. leading economic index rises 0.1% in May as consumers feel pressure from everyday costs
U.S. consumers remain under pressure from everyday expenses, even as a Middle East ceasefire has pushed international oil prices below $80 a barrel and brought U.S. gasoline prices under $4 a gallon. The Conference Board’s leading economic index edged up for a second straight month, but its six- and 12-month growth rates remain negative. The Federal Reserve held interest rates steady and lowered its 2024 GDP growth forecast to 2.2%. The report said current momentum is being driven mainly by corporate investment in AI and data centers rather than consumer spending.
