The Conference Board today reported its US Leading Economic Index declined 0.2% in May to a level of 123.7. The decline was attributed to an increase in unemployment insurance claims.

“The US LEI declined in May, primarily due to a sharp increase in initial claims for unemployment insurance. The growth rate of the LEI has moderated over the past year,” said Ataman Ozyildirim, director of business cycles and growth research at The Conference Board. “While the LEI suggests the economy will continue growing at a moderate pace in the near term, volatility in financial markets and a moderating outlook in labor markets could pose downside risks to growth.”

May’s decline follows a 0.6% increase in April and a 0.1% increase in March.

Separately, the US Department of Labor announced seasonally adjusted initial claims for unemployment for the week ended June 18. Initial claims fell by 18,000 in the week to a total 259,000. Reuters reports the level is near a 43-year low.

The four-week moving average of claims fell by 2,250 to a total of 267,000. The four-week moving average decreases the volatility of the weekly numbers.