The Conference Board Leading Economic Index (LEI) for the Euro Area decreased 0.3 percent in May, falling to 105.2 (2004=100), following decreases of 1.0 percent in April and 0.1 percent in March.

Said Jean-Claude Manini, The Conference Board Senior Economist for Europe: "The LEI for the Euro Area fell for a third consecutive month in May, but at a slower pace. Stock prices and business confidence were once again the main contributors to the decline. The sharp deterioration in confidence suggests that output growth has fallen back into negative territory in recent months. If confidence in the economy and Europe's financial situation cannot be restored quickly, economic activity may experience a deeper and longer contraction than currently projected."

The Conference Board Coincident Economic Index (CEI) for the Euro Area, which measures current economic activity, was unchanged in May. The index now stands at 101.9 (2004 = 100) according to preliminary estimates*. The CEI decreased 0.4 percent in April and remained unchanged in March.