Gauge of U.S. economy higher in Feb 23 week - ECRI

NEW YORK, March 2 (Reuters) - A gauge of future U.S. economic growth rose in the latest week on lower interest rates, higher commodity prices and stronger housing activity, while its annualized rate of growth slipped, a research group said on Friday.

The Economic Cycle Research Institute, an independent forecasting group, said its Weekly Leading Index was up to 140.0 in the week ending Feb. 23 from 139.3 in the prior week.

Annualized growth rate, however, slipped to 3.2 percent from 3.4 percent in the previous period.

"The majority of WLI components are non-equity related. Therefore, the fact that it remains well above last summers' lows affirms a positive U.S. economic growth outlook in spite of recent stock market jitters," said Lakshman Achuthan, managing director at ECRI.

The rise in the index was partly offset by higher jobless claims, Achuthan said.

Occasionally the WLI level and growth rate can move in different directions, because the latter is derived from a four-week moving average.