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Economy gauge up, growth rate still recessionary
NEW YORK (Reuters) - A gauge of future U.S. economic growth edged up in the latest week and its annualized growth rate was unchanged, remaining in recessionary territory, 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 132.5 in the week ended June 6 from 132.4 in the previous period.
The rise in the index was due to lower interest rates and stronger housing, mostly offset by higher jobless claims and lower stock prices, Lakshman Achuthan, managing director at ECRI, said in an instant-messaging interview.
The index's annualized growth rate held at negative 6.2 percent.
"With WLI growth solidly negative, the U.S. economic outlook remains recessionary," Achuthan said.
(Reporting by Rodrigo Campos; Editing by Jonathan Oatis)
