US yearly economic growth highest since July-ECRI

NEW YORK, May 29 (Reuters) - A gauge of future U.S.
economic growth rose for the sixth straight week, sending its
yearly growth rate to its highest levels since last summer, a
research group said on Friday.

The Economic Cycle Research Institute, a New York-based
independent forecasting group, said its Weekly Leading Index
ticked up to a 30-week high of 111.9 for the week ending May 22
from 111.0 the prior week, which was revised lower from 111.1.

The index's annualized growth rate surged to a 43-week high
of negative 9.3 percent from last week's rate of negative 11.5
percent.

It was ECRI's highest yearly growth reading since the week
ended July 25, 2008, when it stood at negative 8.1 percent,
indicating that the growth rate should march into positive
territory as the summer progresses.

"With WLI growth climbing by 20 percentage points in 26
weeks, the economic growth outlook is getting steadily
brighter," said Lakshman Achuthan, managing director at ECRI.

The research group's far-seeing Long Leading Index is
already in positive territory, so "it would be normal for WLI
growth to follow suit in the coming months," Achuthan added.

The weekly index pushed higher due to stronger stock prices
and lower jobless claims data, Achuthan said.
(Reporting by Camille Drummond, Editing by Chizu Nomiyama)