The U.S. economy may cool off in the months ahead, to the latest report from the U.S. conference board.

The research group said today that its composite index of leading indicators fell 0.3% in October to 115.1, matching the revised 0.3% decline reported for September. October’s reading fell short of the 0.1% decline predicted by economists. The index was equal to 100 in 1996.

“A fifth straight decline in the leading indicators is a clear signal that the economy is losing steam, and may start off 2005 with a relatively weak pace of economic activity,” said Conference Board economist Ken Goldstein, in a release. He added the results of his group’s survey of business confidence “suggest that worries about where the economy is heading may cause some strategic plans to be put on hold.”

However, the Conference Board also said that while the weakness in the economy has become more widespread in recent months, the recent declines in the index have not been large enough or persistent enough to indicate that the current expansion of the economy is coming to an end.

Just three of the ten indicators that make up the leading index advanced in October — average weekly first-time claims for unemployment insurance, manufacturer’s new orders for consumer goods and materials, and stock prices.

Meanwhile, the Philadelphia Fed reported today that manufacturing activity in its district continued to expand in November, albeit at a slower pace than in the previous month..

In another report released today, U.S. initial jobless claims fell by 3,000 to a seasonally adjusted level of 334,000 in the week that ended Nov. 13, the Labor Department said. The four-week average, however, rose by 1,000 to 338,250. Continuing claims fell by 16,000 to 2,792,000. The unemployment rate for workers with unemployment insurance held steady at 2.2%.