The Conference Board announced on Friday its Leading Economic Index (LEI) for the U.S. declined 6.7 percent m-o-m in March to 104.2 (2016 = 100), following a downwardly revised 0.2 percent m-o-m fall in February (originally a 0.1 percent m-o-m advance).

Economists had forecast a drop of 7.0 percent m-o-m.

"In March, the US LEI registered the largest decline in its 60-year history," noted Ataman Ozyildirim, Senior Director of Economic Research at The Conference Board. "The unprecedented and sudden deterioration was broad based, with the largest negative contributions coming from initial claims for unemployment insurance and stock prices. The sharp drop in the LEI reflects the sudden halting in business activity as a result of the global pandemic and suggests the US economy will be facing a very deep contraction."

The report also revealed the Conference Board Coincident Economic Index (CEI) for the U.S. dropped 0.9 percent m-o-m in March to 106.6, following a 0.3 percent m-o-m advance in February. Meanwhile, its Lagging Economic Index (LAG) for the U.S. rose 1.2 percent m-o-m in March to 110.2, following a 0.3 percent m-o-m gain in February.