WASHINGTON, March 22: A key measure of future US economic activity turned sharply lower in February, reflecting turmoil in the housing and manufacturing sectors, the Conference Board said on Thursday.

The business research group’s index of leading economic indicators fell 0.5 per cent following a revised 0.3 per cent decline in January.

Conference Board economist Ken Goldstein said the overall economic outlook remains positive despite the weak figure. The index is meant to gauge economic activity in the coming six to nine months.

“The housing and manufacturing sectors are clearly going through a correction, but the consumer sector appears to be holding up,” he said.

“That mix should generate modest but choppy growth ahead. Overall, the consumer has shown remarkable resiliency in the face of wide swings in energy prices, a slowing in home prices and a sharp cooling off in home building.”—AFP