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Nov 20, 2008, 14:19 GMT

Economic index drops more than expected

Washington - A key gauge of US economic performance fell more than expected last month, continuing a sharply downward trend since April and signalling that the world's largest economy is headed for a recession. The private Conference Board's index of leading economic indicators declined 0.8 per cent in October after rising a revised 0.1 per cent in September. It marked the third drop in the last four months. Since April the index, which measures economic performance over the next three to six months, has dropped 2.4 per cent - twice the pace of the six previous months. The gauges 'are now decreasing at rates last seen in 2001' when the US was last in recession, the New York-based Conference Board said. Six of the 10 economic indicators that make up the index fell in October, led by stock prices and building permits - two areas that have led the US decline for much of the past year. Economists had forecast an 0.6-per-cent drop, according to a survey by Bloomberg News.

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