Economic outlook retreats in monthly survey

Conference Board report shows decline in leading indicators in June.

NEW YORK (CNNMoney.com) -- The economy slowed in June as higher prices for food, fuel and other goods translated into a dip in growth, according to a private group's measurement released Monday.

The New York-based Conference Board's forecast of future economic activity fell by 0.1%, matching the consensus estimate of Wall Street economists. The group revised May's number down to a 0.2% decrease from a 0.1% increase.

The report indicated that the economy may not improve over the next six months.

The situation is complicated by the fact that while real GDP has not declined, many important monthly indicators - such as job creation - have shown weakness.

"So, how do I characterize it? More of the economy is doing poorly than well, so I'm calling it a mild recession," Sinai said.

The leading indicators index is an aggregate of data such as stock prices, unemployment claims, weekly manufacturing hours and the difference between short-term and long-term interest rates.