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The Conference Board's Leading Economic Index for Australia declined in May, the first drop after three months of increases.
The board said its Leading Index declined 0.1 percent, thanks largely to lower building approvals and exports of rural goods.
The Leading Index now stands at 113.0.
The Coincident Index, which measures current economic activity, increased 0.3 percent, with a continued rise in retail trade boosting the figure.
The Coincident Index now stands at 112.4.
The Board said the rate of decline in the Leading index continued to slow in May, while the strengths among its components have grown more widespread.
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