Leading Indicators Declined In May

An important measure of future economic activity fell slightly in May, the latest indication that a succession of interest-rate hikes has slowed the U.S.

economy.

The Index of Leading Economic Indicators declined by 0.1 percent, primarily because of a pullback in manufacturing and a decline in stock prices, the Conference Board said Wednesday. The index held steady in April, according to revised figures, after increasing by 0.1 percent in March.

The index, which attempts to forecast economic trends for the next three to six months, stands at 106. It stood at 100 in 1996, its base year.

The stock market seemed little affected by the report. On Wall Street, the blue-chip Dow average finished down 77.07 at 10,483.60, and the Nasdaq composite index tumbled 128.83 to close at 3,863.10.