The Iowa Leading Indicators Index dipped to 104.8 in May 2011 from a revised 104.9 in the prior month.

The Iowa Department of Revenue said that though the overall index fell 0.1 percentage point, which represented the first decline since September 2009, the long-term trend is still positive.

In May, three of the eight Iowa Leading Indicators Index components contributed positively: agricultural futures profits, unemployment insurance claims and new residential building permits.

The national yield spread, diesel fuel consumption, the Iowa stock market index, new orders and average weekly manufacturing hours were the negative contributors.

The number of weekly hours worked in Iowa’s manufacturing sector, as calculated based on a 12-month moving average, fell in May to 39.7 from 40.8 a year earlier.

The Iowa nonfarm employment coincident index experienced its 11th consecutive monthly increase.