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The modest decline in the leading index followed three months of "large declines", the Conference Board said.

In April, stock prices and consumer confidence made positive contributions to the leading index, but these were offset by larger negative factors including new orders in investment goods industries and yield spread -- the difference in value among debt instruments, such as mortgages and bonds.

The coincident index, which measures current economic conditions, increased largely on gains in manufacturing sales, the report said.

Following a strong performance in the first half of 2007, "the weakness in the leading index since mid-2007 suggest that the recent pickup in economic growth is not likely to persist in the near term", the Conference Board's report said.

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