From a macroeconomic standpoint, the fiscal stimulus package can't get passed soon enough. The Conference Board's index of leading economic indicators (pdf) fell 0.8% in October, with six of 10 components dragging the index lower. Economists surveyed by Bloomberg News had expected the LEI index to decline by 0.6% in October.
From April-October 2008, the leading index declined 2.4% or a negative 4.7% annual rate, compared to a 1.2% decrease or a negative 2.3% annual rate over the previous six months, the Board said.
Economist Richard Felson told BloggingStocks Thursday the October LEI data documents what many on both Main Street and Wall Street sense: economic conditions are worsening.
"The LEI data shows an economy that's slowing. The recession is getting worse, so look for more of the same regarding job lay-offs and downsizings, as well corporate revenue and earnings declines, and earnings guidance reductions," Felson said. "As it stands now, the economy is likely to remain in recession through at least end of the second quarter of 2009, which points to the need for federal fiscal stimulus, and other measures. The individual states are doing what they can to increase private sector demand, but many are cash-strapped themselves, facing budget deficits."
The index of leading economic indicators declined 0.1% in January 2008 -- its forth consecutive monthly decline, 
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