“The Conference Board announced [January 18, 2008] that the U.S. leading index decreased 0.2 percent, the coincident index increased 0.1 percent and the lagging index increased 0.4 percent in December. The leading index decreased again in December, the third consecutive decline, and it has been down in four of the last six months. Housing permits made the largest negative contribution to the index. Average working hours in manufacturing also made a large negative contribution to the index this month, followed by smaller declines in manufacturers’ new orders for nondefense capital goods*, initial claims for unemployment insurance (inverted), the index of consumer expectations, and interest rate spread. With this month’s decline, the leading index is down 0.8 percent (a decline of 1.6 percent annual rate) from June to December, and it is 1.4 percent below its December 2006 level. While the strengths and weaknesses among its components were roughly balanced throughout most of 2007, weaknesses have become more widespread in the last two months.”