U.S. economic growth gauge makes steady gains - ECRI

NEW YORK, Aug 7 (Reuters) - A measure of future U.S.
economic growth crept higher in the latest week, while its
yearly growth rate advanced to another five-year high,
reaffirming projections of a strong, near-term recovery, 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 121.8 in the week ended July 31 from a downwardly
revised 119.5 the week prior, which was originally reported at
119.6.

The index's annualized growth rate reached a fresh
five-year high of 10.5 percent from 8.8 percent the previous
week.

It was the highest yearly growth reading since the week
ended March 19, 2004, when it stood at 11.0 percent.

"With WLI growth soaring into the double-digit range,
prospects for U.S. economic growth have brightened
significantly," said ECRI Managing Director Lakshman Achuthan.

Achuthan told Reuters last week that the recovery is poised
to be "stronger than many expect."
(Reporting by Camille Drummond; Editing by Padraic Cassidy)