US Leading Economic Index® forecast revised down

The Census Bureau reported earlier this morning that, in U.S., total building permits fell 5.0% m/m in September to 1.103mn, down more sharply than expected. 

The drop was driven by multifamily permits (-14.6% m/m), which continue to recede from their May/June surge. 

"The monthly change in permits feeds directly into the Conference Board's Leading Economic Index®. Thus, the forecast for September is revised down to -0.2% m/m (from -0.1%) as now building permits are  expected to subtract 0.2pp from the headline reading", says Barclays.