AMERICA's Conference Board Leading Economic Index was up 0.1 per cent in July to 109.8 after a 0.3 per cent slip in June, and a 0.5 per cent increase in May, indicating slow growth for the US domestic economy, but not a double-dip recession as many feared.

"With inventory rebuilding moderating, the industrial core of the economy has moved to a slower pace. There appears to be no change in the pace of the service sector. Combined, the result is a weak economy with little forward momentum. However, the good news is that the data do not point to a recession," said Conference Board economist Ken Goldstein.

Another Conference Board economist Ataman Ozyildirim said: "The economy should continue expanding, albeit at its slowest pace since mid-2009 and it has been essentially flat since March. However, the index is still well above pre-recession levels and the [index] remains on a rising trend that began in late 2009. All four coincident indicators have risen over the last six months, with July's gain in industrial production offsetting the recent weakness in employment."

Source: shipping online