Economic Reports Hint At Slowdown

Thu., June 1, 2000

From Staff

The Federal Reserve’s interest rate increases appear to be slowing the economy, with reports Wednesday of a steep decline in sales of new homes in April and a dip in a barometer of future economic activity.

The Commerce Department reported in Washington that sales of new homes dropped 5.8 percent in April, the biggest decline since September and a reversal of a similar increase in March.

In New York, the private business-supported Conference Board said the Index of Leading Economic Indicators, which attempts to gauge the economy three to six months in the future, declined by 0.1 percent in April.

On Wall Street, the unexpected signs of slowing set off a rally in the inflation-sensitive bond market but stocks gave ground after Tuesday’s sharp gains. The Dow industrials dipped 4.80 points.

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Economic Reports Hint At Slowdown

Jesse Tinsley

Jim Meehan

Molly Quinn

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