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US economy still in recession track - ECRI
NEW YORK, June 20 (Reuters) - A gauge of future U.S. economic growth fell in the latest week and its annualized growth rate, deep in negative territory, shows the economy is still facing a recession, a research group said on Friday.
The Economic Cycle Research Institute, a New York-based independent forecasting group, said its Weekly Leading Index slipped to 132.6 in the week to June 13 from 132.9 in the previous period, upwardly revised from 132.5.
The fall in the index was due to higher interest rates and lower activity in the housing market, and was partly offset by lower jobless claims, said Lakshman Achuthan, managing director at ECRI, in an instant message interview.
The index's annualized growth rate was unchanged at negative 5.8 percent, but the prior week's figure was revised up from negative 6.2 percent.
"The Weekly Leading Index fell for the fourth time in five weeks, and its smoothed growth rate, while unchanged, stayed solidly negative," Achuthan said. "The unambiguous message is that the economy has not veered away from the recession track." (Reporting by Rodrigo Campos, Editing by Chizu Nomiyama,)
