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Indicators point to growth

Thursday, June 19, 2003 | 9:51 a.m.

WASHINGTON -- The number of Americans filing for unemployment benefits last week fell to 421,000, the lowest in five weeks, and a gauge of leading indicators today showed the U.S. economy may be poised to improve over the next six months.

States received 13,000 fewer new applications for jobless claims in the week that ended Saturday, the Labor Department said, while still holding for an 18th week above the 400,000 mark that some economists say shows a weak labor market. The Conference Board's index of leading indicators rose 1 percent in May, more than forecast and the biggest jump since December 2001.

The pickup in leading indicators suggests the U.S. economy may gain speed in the second half. The Federal Reserve may try to ensure that outcome by cutting the benchmark interest rate as much as a half percentage point next week.

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