The U.S. Leading Economic Index (LEI), a key gauge of future business activity, fell 0.7 percent in March, its largest monthly decline since late 2023, the Conference Board said on Monday.
The Conference Board is an independent, non-profit, economic research body that is tasked by the U.S. Department of Commerce to produce and publish the LEI every month.
The drop in the LEI underscores growing concerns over the economic impact of ongoing policy uncertainty, particularly regarding tariffs. Analysts say ambiguity surrounding trade and tariff measures has weighed on both consumer sentiment and business investment.
The data comes as U.S. President Donald Trump intensifies pressure on the Federal Reserve to accelerate interest rate cuts, further unsettling markets.
The S and P 500, Nasdaq Composite, and Dow Jones Industrial Average all ended Monday's session in the red, reflecting rising investor unease over the outlook for growth. In currency markets, the U.S. dollar index — which tracks the greenback against a basket of six major peers — slipped to 97.92, its lowest level since March 2022.
Meanwhile, gold prices surged to record highs, with both international gold futures and spot prices exceeding 3,500 U.S. dollars per ounce on Tuesday, driven by demand for safe-haven assets amid growing economic uncertainty.
Torsten Slok, chief economist at Apollo Global Management, warned on Monday that persistently high tariffs could push the U.S. economy into a downturn, saying that the odds of a two-quarter contraction in output stand at 90 percent, with GDP falling by 4 percentage points. He said he was certain the U.S. will fall into a recession this year.
US Leading Economic Index posts sharpest drop since 2023 amid tariff uncertainty
An official of the United Nations Relief and Works Agency for Palestine Refugees (UNRWA) has condemned Israel for demolishing the buildings within the UN agency's East Jerusalem compound.
Israeli authorities stormed the Sheikh Jarrah compound of UNRWA last week. After a full day of demolition, all buildings inside the compound had been flattened or severely damaged. Israeli flags were seen raised at the site, while the United Nations (UN) flag had been taken down.
Olaf Becker, director of UNRWA affairs in Jordan, said the Israeli action gravely violates international law and poses challenges to the operations of UN agencies.
Expressing his deep concerns over Israel's unilateral action, Becker said UNRWA will continue its work in the region and make every effort to ensure that basic public services for Palestinian refugees are not interrupted.
"It's obviously in contravention to international law. It's in contravention to Israel's obligations under the UN Charter as well. While Sheikh Jarrah is highly symbolic, and of course it really impedes our ability for our leadership to operate and coordinate activities. We have offices around the West Bank as well, and we are still operational in those places," Becker said.
Following the demolition, the Israeli Foreign Ministry said in a statement that the compound "does not enjoy any immunity", and that the action complied with the law.
In response, Becker said Israel's denial of the privileges and immunity of UN agencies would directly undermine the legal foundation of the UN system, warning long-term impacts on UN agencies' ability to independently and effectively fulfill their duties within the framework of international law in the Middle East and globally, and worrying consequences for the UN and the multilateral system.
Israel considers all of Jerusalem as its capital, a claim not recognized internationally, while the UN regards East Jerusalem as occupied territory. Israeli officials have long accused UNRWA of employing Hamas members, which the agency denies.
In October 2024, the Israeli parliament passed a law banning UNRWA, which provides desperately-needed aid to Palestinians in Gaza, the West Bank and other areas, from operating in areas under Israeli jurisdiction, and prohibiting Israeli authorities from maintaining contact or cooperation with the agency, a move UNRWA and international bodies say violates international law. Israel then amended the law in December 2025 to ban electricity or water to UNRWA facilities.
Last month, Israeli authorities seized UNRWA's offices in East Jerusalem.
UNRWA official condemns Israeli demolition of agency’s buildings in East Jerusalem
