I am a big fan of the Leading Economic Indicators, however I like much less the Index of Leading Indicators. The reason is because of the way it is constructed: the weights of each component are designed to smooth out the index (precisely, each one of the weights is calculated as the inverse of the component's volatility). As such, the weights don't reflect the predictive power of the indicators, nor their lead length relationship with the economy.
Secondly, the weights are recalculated each year and the components themselves have changed about once a decade.This invalidates historical comparisons.
Still, I prefer to see a rising Index rather than a falling one (click to enlarge):
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