Britain's leading indicators down again

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LONDON, Jan. 17 (UPI) -- The Leading Economic Index for Britain fell 0.6 percent in November, dropping for the fourth consecutive month, the Conference Board said Tuesday.

The index fell to 102.5 with just two of the seven components in the index rising in the month.

The index assigns a base value of 100 to the year 2004. A number above 100 shows the indicators have risen compared with the average for the index in 2004. Conversely, if the index falls below 100, the indicators are lower than the average for 2004.

Conference Board said the Coincident Index for Britain, which measures current economic activity, remained unchanged October to November, holding at 102.4.

"The fourth consecutive decline of the LEI for the United Kingdom in November highlights the growing risk of the British economy following the lead of the eurozone into a recession. However, if the economy begins to contract, the relative strength of services industries may counterbalance the gloom of the manufacturing sector and limit the magnitude and duration of the contraction," said Jean-Claude Manini, the Conference Board economist for Europe.