Leading Indicators Down in April: The slump...

Leading Indicators Down in April: The slump in the housing industry helped drag the government’s key index of future economic activity down 0.2% in April, the Commerce Department said, another sign that the economy is slowing. The index of leading indicators, a basket of items designed to foreshadow the economy’s direction, fell after rising 1.0% in March. A big part of the drop was a decline in applications for permits to build new homes last month, the department said. Building permits have been falling since January. In addition to permits for housing starts, five other of the 11 items measured by the index turned down last month, signaling upcoming weakness in manufacturing.