The Iowa Leading Indicators Index dropped for the seventh consecutive month in July, marking the fourth month this year in which the index has met the two key measures that signal a coming contraction: a six-month annualized change in the index below -2 percent and a six-month diffusion index below 50, according to a release. Six of the eight components (agricultural futures profits index, average manufacturing hours, diesel fuel consumption, Iowa stock market index, new orders index, and residential building permits) experienced a decrease of greater than 0.05 percent over the last half a year, with average manufacturing hours the latest component to contribute to the drop in the six-month diffusion index. The magnitude of the six-month negative signals seen this July has not been seen since August 2009. The widespread weakness across the index components in July suggests future softness in Iowa’s overall economy, according to the release.