The Conference Board’s Leading Economic Index turned positive in February for the first time since February 2022. That’s a sign that the economy will avoid a recession this year, even if it slows down.
Businesses have spent the last year and a half trying to whittle down excess inventories. Some businesses still have work to do, but others are likely to build those inventories up this year.
The Institute for Supply Management’s Purchasing Managers Index showed worse-than-expected performance for manufacturing, but construction growth shone.