The Conference Board's leading indicator of industry profitability fell 0.1 percent in July, after staying flat the previous two months.

According to the board, 18 out of 49 industries recorded a drop in July - the highest number since the fall of 2009, during the tail end of the recession.

It says the manufacturing, insurance, real estate, agriculture, forestry and mining sectors are dealing with the falling stock market, lower consumer spending and poor weather affecting production.

The board says that the poor economic recovery in the U.S., supply-chain disruptions due to the Japanese earthquake and tsunami, and rising inflation are all helping to pull down the outlook.

www.conferenceboard.ca