RALEIGH – The North Carolina State University Index of NC leading economic indicators, a forecast of the economy’s direction, retreated slightly in May from its April level as only one component, building permits, improved. Still the index suggest continued economic growth.
Initial jobless claims registered a double-digit gain, up 14.3 percent and both manufacturing hours down . 7 percent, and earnings, down 2.1 percent, fell. Building permits rose 8.4 percent.
On the plus side, the state’s leading index fell much less than the national leading index. It appears the economy may be in a holding pattern now, waiting until several uncertainties become clearer. Among them: whether today’s trade disputes will evolve into a trade war or will be resolved, whether the stock market will establish a firm direction –either up or down, and if power in Washington will shift after the November elections.
