Initial unemployment claims also pressured the leading index, the Conference Board said Thursday.

The forward-looking leading index dropped 0.7 percent, while the coincident index, measuring current business conditions, gained 0.1 percent and the lagging index pushed up 0.4 percent, the report said.

The big declines in the leading index were partly offset by gains in consumer expectations and the interest rate spread, which marks the difference between the Federal Funds rate and the yield on 10-year U.S. Treasury bonds.

"However, the weakness among the leading indicators continue to be very widespread," the report said.

The leading indicator has fallen two of the past three months. In the past six months, the indicator is minus 0.9, the Conference Board said.