U.S. yearly economic growth gauge edges higher-ECRI

NEW YORK, May 22 (Reuters) - A measure of U.S. future
economic growth inched higher in the latest week, while its
yearly growth rate continued to climb toward positive
territory, a research group said on Friday.

The Economic Cycle Research Institute, a New York-based
independent forecasting group, said its Weekly Leading Index
edged up to a 29-week high of 111.1 for the week ending May 15
from 111.0 the prior week.

The index's annualized growth rate reached a 35-week high
of minus 11.5 percent from last week's rate of minus 13.6
percent.

It was the highest yearly growth reading since the week
ended September 12, when it stood at minus 11.4 percent.

"With WLI growth rising steadily to a 35-week high, it is
increasingly obvious that the 'green shoots' will blossom this
summer," said Lakshman Achuthan, managing director at ECRI.

The group's index rose because of lower interest rates and
higher commodity prices, and was partly offset by weaker
housing activity, Achuthan said.
(Reporting by Camille Drummond; Editing by Padraic Cassidy)