21.   European industrial confidence, an important leading indicator, has declined for the last several months.

22.   Emerging market debt has been following U.S. stocks -- probably the leading indicator of global liquidity at the moment -- since late October.

23.   Financial markets reacted positively to the leading indicators report.

24.   Fine noted that the release Wednesday of both leading indicators and construction-spending data for August were also market friendly.

25.   For the past half-century, this country has tended to think of the state of the nuclear family as a leading moral indicator.

26.   Housing is traditionally a leading indicator of the economy, but when wealth is the issue, it can react slowly.

27.   In fact, what we have here is a leading indicator that Americans are starting to define themselves.

28.   In its leading indicators report, the Conference Board said the August rise was led by an increase in raw materials prices, a sign of stronger demand.

29.   In Massachusetts, a leading indicator of economic activity also points toward a coming slowdown.

30.   In the good times the Nasdaq was a leading indicator of an economy with no place to go but up.