doesn't change direction until a few quarters after the economy does (unemployment rate)

The lagging indicators change direction after the overall economy has moved, while coincident indicators move in tandem with the aggregate economic activity.

The lagging strand.

Lagging means the current is out of phase, lagging behind, the voltage. This occurs when there is inductive reactance in the circuit, such as with motors and transformers.

An economic indicator of both the number and prices of existing single-family homes, condos and co-op sales over a one-month period. The existing home sales report is released monthly by the U.S. National Association of Realtors. It is a lagging indicator as it tends to react after a change in mortgage rates.