A key gauge measuring the state of the economy stood at 14.3 percent in April, remaining below the boom-or-bust line of 50 percent for the third straight month, the Cabinet Office said Tuesday in a preliminary report.

A reading below 50 percent on the index of coincident indicators is considered a sign of economic contraction while a figure above that is viewed as a sign of expansion. It is generally believed the economy has entered into a downward phase if the index, designed to measure the current economic state, remains below 50 percent for three months in a row.

The index stood at 11.1 percent in March and 10 percent in February.