The Index of Leading Economic Indicators, a closely watched gauge of future U.S. economic activity, slipped a more-than-expected 0.3 percent in January, indicating potential weakness in the economy in coming months.

The Conference Board, a private research group, said Thursday its Index of Leading Economic Indicators declined to 115.6 last month after rising a revised 0.3 percent to 115.9 in December and 0.3 percent to 115.5 in November.

Analysts had expected a drop of 0.2 percent in January.

The index is designed to predict economic activity over the next three to six months.

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