A closely watched indicator of future U.S. economic activity fell in July on weakness in the housing market, providing another sign that economic growth is cooling, while another report showed the number of newly laid off U.S. workers filing claims for unemployment benefits fell last week by the largest amount in a month. The Conference Board, a business-financed research group, said Thursday its index of leading economic indicators fell 0.1 percent in July, following an increase of 0.1 percent in June and a 0.5 percent decline in May. The index, which forecasts economic activity in the next three to six months, was at 138.1 in July, below its high this year of 139.1 in January. Conference Board labor economist Ken Goldstein said a slowdown in the housing sector is becoming more prominent, causing a drag on the economy. He also noted higher interest rates, lower consumer confidence, and higher energy prices as factors limiting economic growth. --More
