An index gauging the US economy's performance in the next months dropped more than expected in August, a survey said Thursday, according to dpa. The Conference Board's report said weaker consumer confidence and higher unemployment led the index of 10 leading economic indicators lower by 0.6 per cent, after gaining a revised 0.7 per cent in July. Analysts had forecast only a 0.4-per-cent drop in the index for August. The New York-based group's report came after the US Federal Reserve on Tuesday lowered its benchmark federal funds rate by half a point to 4.75 per cent, the first reduction in four years, in an effort to bolster the economy.
