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Leading indicators for eurozone slips

Nov. 29, 2012 at 1:58 PM

BRUSSELS, Nov. 29 (UPI) -- The Leading Economic Index for the 17 nations that share the euro as currency slipped 0.2 percent in October, the Conference Board said Thursday.

The index, which fell 0.3 percent in September, reached 104.9 in October.

The index is a comparison to average monthly index in 2004, which was assigned an index value of 100.

With a two-month contraction, "the outlook for the Euro Area economy remains weak," said Conference Board economist Bert Colijn.

"However, the six-month growth rate of the leading economic index has become less negative, pointing to a small chance of a deep contraction," Colijn said.

The Coincident Economic Index for the eurozone, a measurement of current economic conditions, was unchanged at 102.2 in November, the Conference Board said.

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