- The Conference Board Leading Economic Index^® (LEI) for the US inched down by 0.1% in July 2025 to 98.7 (2016=100), after declining by 0.3% in June. The LEI fell by 2.7% over the six months between January and July 2025, a faster rate of decline than its –1.0% contraction over the previous six-month period (July 2024 to January 2025).

"The leading economic index for the US decreased just slightly in July," said Justyna Zabinska-La Monica, Senior Manager, Business Cycle Indicators, at The Conference Board. "Pessimistic consumer expectations for business conditions and weak new orders continued to weigh down the index. Meanwhile, stock prices remained a key positive support of the LEI. Initial claims for unemployment insurance were much lower in July than in June and were the second most positive component of the LEI, after contributing negatively to the index over the previous three months. While the LEI's six-month growth rate remains negative, it improved slighlty in July—but not enough to avoid triggering the recession signal again. Despite that, The Conference Board does not currently project a recession, though we do expect the economy to weaken in H2 2025, as the negative impacts from tariffs become more visible. Overall, real GDP is projected to grow by 1.6% year-over-year in 2025, before slowing in 2026 to 1.3%."

The Conference Board Coincident Economic Index^® (CEI) for the US rose by 0.2% in July 2025 to 114.9 (2016=100), no change in June (a downward revision from an initially reported increase of 0.3%). The CEI rose by 0.9% between January and July 2025, up from 0.6% over the previous six months. The CEI's four component indicators—payroll employment, personal income less transfer payments, manufacturing and trade sales, and industrial production—are included among the data used to determine recessions in the US. All components of the coincident index except industrial production improved in July.

The Conference Board Lagging Economic Index^® (LAG) for the US remained unchanged at 119.9 (2016=100) in both June and July 2025. The LAG grew by 0.9% in the six months between January and July 2025—more than reversing its –0.1% decline over the previous six months.

The next release is scheduled for Thursday, September 18, 2025, at 10 A.M. ET.