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The phrase "a lagging indicator" is correct and usable in written English.
It is typically used in economic or financial contexts to refer to a metric that reflects past performance rather than predicting future trends.
Example: "Unemployment rates are often considered a lagging indicator of economic health, as they tend to rise after a recession has already begun."
Alternatives: "a trailing measure" or "a delayed signal".
Exact(60)
Employment lags, but it is always a lagging indicator.
Employment is a lagging indicator.
Unemployment is a lagging indicator.
But employment is a lagging indicator.
But that is a lagging indicator.
Flint says it's a lagging indicator.
Employment is known as a lagging indicator.
"Consumer sentiment is a lagging indicator," he added.
Of course, employment is what economists term a lagging indicator.
"We all know employment's a lagging indicator," he said.
But politics is a lagging indicator, always behind.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com