Dip in economic indicators points to slower expansion
The Index of Leading Economic Indicators declined in August for the first time in a year, the Commerce Department said Friday. The drop of 0.1 percent in the index agreed with recent reports showing less vigor in housing, auto, and other major sectors of the economy. New house sales in August dropped 5.1 percent after falling 8.6 percent in July. But profits of US corporations rose an estimated 16 to 22 percent in the third quarter of this year.