WASHINGTON (Reuters) - A gauge of future U.S. economic activity fell in January for the first time in nearly a year amid resurgence in COVID-19 cases, high inflation and supply chain disruptions, supporting expectations that growth would slow in the first quarter.
The Conference Board said its Leading Economic Index dropped 0.3% last month, the first decline since February 2021, after increasing 0.7% in December. Economists polled by Reuters had expected the index to rise 0.2%.
Gross domestic product estimates for the first quarter are mostly below a 2.0% annualized rate. The economy grew at a 6.9% pace in the fourth quarter.