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June 22, 2006 10:15 AM, EDT

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he index of U.S. leading economic indicators fell by the most in four months in May, the Conference Board reported Thursday.

The board’s index fell 0.6% in May, flowing April’s 0.1% dip. It was the first back-to-back decline since February and March 2001, Bloomberg reported.

Economists expected the index to drop 0.5%, Bloomberg said.

Higher jobless claims and lower consumer expectations have reversed in June and could turn it around in the next reading, economists told Bloomberg.

he LEI index, which measures the likely performance of the U.S. economy over the next three to six months, is closely watched by trucking companies because it forecasts business activity for the next three to six months.