Global Leading Indicators

For Release 9:30 AM ET, September 12, 2024

Using the Composite Indexes: The Leading Economic Index (LEI) provides an early indication of significant turning points in the business cycle and where the economy is heading in the near term. The Coincident Economic Index (CEI) provides an indication of the current state of the economy. Additional details are below.

The Conference Board Leading Economic Index^®(LEI) for Spain was unchanged in July 2024 at 98.7 (2016=100), after improving by an upwardly revised 0.1 percent in June. In addition, the LEI grew by 0.6 percent over the six-month period between January and July 2024, more than reversing the 0.2 percent contraction over the previous six-month period between July 2023 and January 2024.

The Conference Board Coincident Economic Index^® (CEI) for Spain was also unchanged in July 2024 at 112.5 (2016=100), following a 0.1 percent increase in June. The CEI grew by 0.8 percent over the six-month period from January to July 2024, after also increasing by 0.8 percent over the previous six-month period.

“The LEI for Spain was unchanged in July, at the highest reading since June 2023,” said Allen Li, Associate Economist at The Conference Board. “Despite the pause, the Index remained on an uptrend. In the month, four of the six components of the LEI, including the three financial components, were positive. Out of the two negative components, the largest negative contribution came from job placements, which dropped in July despite an overall strengthening of the Spanish labor market thus far this year. Notwithstanding the July flat reading, the leading index remains on an upward trajectory and its year-over-year growth rate has continued to improve, breaking into positive territory for the first time since the beginning of 2022. After strengthening in the first half of 2024, the Conference Board expects Spain economic growth to continue in second half of the year, but perhaps at a more moderate pace.”

The next release is scheduled for Thursday, October 10, 2024, at 9:30 A.M. ET.