There were two pieces of significant economy-related news today. The first was that the Conference Board's index of leading economic indicators increased for the fifth straight month, this time by 0.3 percent, while May's increase was revised up to 0.7 percent. The second was that the University of Michigan's preliminary June reading on consumer confidence came in at 81.3, a decline from May. Both results trailed expectations.
Predictably, the Associated Press's Martin Crutsinger put a smiley face on the news, believing it shows that "that economic growth should accelerate in the second half of this year," while Bloomberg News's Nina Glinski was more sanguine, interpreting the confidence report as an indication that "Americans’ outlook for the economy dimmed." Excerpts from both efforts follow the jump.