The Conference Board Leading Economic Index® (LEI) for the US inched down by 0.1% in January 2026 to 97.5 (2016=100), following a 0.2% decline in December. Overall, the LEI fell by 1.3% over the six-month period from July 2025 to January 2026, half the rate of decline compared to its –2.6% contraction over the previous six months (January to July 2025).

"The U.S. LEI fell further in January, as consumer expectations retreated again and building permits softened," said Justyna Zabinska-La Monica, Senior Manager, Business Cycle Indicators, at The Conference Board. "While the topline LEI continues to signal headwinds to economic activity, the strengths among its components on the six-month basis were widespread for three straight months (November 2025–January 2026), with 7 out of 10 components advancing. As the latest LEI data do not yet reflect the impact from war in Iran, The Conference Board revised GDP growth down by 0.1 ppt to 2.0% y/y for 2026, which will be lower than growth in 2025."

The Conference Board Coincident Economic Index® (CEI) for the US rose by 0.3% in January 2026 to 115.3 (2016=100), after an increase of 0.2% in December. Overall, the CEI expanded by 0.3% over the six-month period from July 2025 to January 2026, after also expanding 0.3% over the previous six months. The CEI's four component indicators—payroll employment, personal income less transfer payments, manufacturing and trade sales, and industrial production—are included among the data used to determine recessions in the US. All components improved in January, with manufacturing and trade sales being estimated for the month.

The Conference Board Lagging Economic Index® (LAG) for the US increased by 0.3% to 120.0 (2016=100) in January 2026, more than reversing its 0.2% decline in December. As a result, the LAG's six-month change turned positive—at 0.5% growth—for the first time since October 2025.