Leading economic index declines 0.1% in August (by Ruth Mantell)

WASHINGTON (MarketWatch) -- U.S. economic growth is "unlikely to change much" in the near term, the Conference Board said Thursday as it reported that its leading economic index ticked down 0.1% in August, matching Wall Street's forecast, while a longer-term trend remained positive. "The economy continues to be buffeted by strong headwinds domestically and internationally...Weak domestic demand continues to be a major drag," said Ken Goldstein, an economist at the Conference Board, a New York research group. The LEI increased a revised 0.5% in July, compared with a prior estimate of 0.4%. The LEI is a weighted gauge of 10 indicators that are designed to signal business cycle peaks and troughs. Six of the 10 indicators made negative contributions in August, led by new orders for manufacturers. The biggest positive contribution came from the interest-rate spread.