US yearly economic growth gauge continues stride-ECRI

NEW YORK, June 12 (Reuters) - A gauge of future U.S.
economic growth rose along with its yearly growth rate,
reaffirming hope that yearly growth will turn positive in the
summer months, a research group said on Friday.

The Economic Cycle Research Institute, a New York-based
independent forecasting group, said its Weekly Leading Index
rose to a 34-week high of 115.4 for the week ending June 5,
from 113.5 the previous week.

In recent weeks, the group has forecast that the U.S.
recession will end sometime during this summer, as its yearly
economic growth reading rebounds from late-2008 lows.

The index's annualized growth rate spiked to a one and a
half year high of minus 4.7 percent from the prior week's rate
of minus 7.1 percent.

It was ECRI's highest yearly growth reading since the week
ended December 7, 2007, when it stood at minus 3.9 percent.

"With WLI growth rising to its best reading in a year and a
half -- namely, since the recession began -- economic recovery
prospects are brightening rapidly," said Lakshman Achuthan,
managing director at ECRI.

The weekly index rose in the latest week due to higher
commodity prices and stronger housing activity, Achuthan said.
(Reporting by Ciara Linnane; Editing by Theodore d'Afflisio)