Four indicators that are part of the composite index produced monthly by the Conference Board to signal peaks and troughs in the business cycle. Coincident indicators are those economic statistics that are expected to move in conjunction with the business cycle, in contrast with leading indicators, which are expected to improve before the overall economy does, and lagging indicators, which are expected to increase only after the economy improves. The same holds true in times of declining economic activity. Coincident indicators are: employees on non-agricultural payrolls, personal income less transfer payments, industrial production and manufacturing, and trade sales. These four categories also may be referred to as coincident indicators of economic activity in situations separate from the Conference Board.