NEW YORK, July 10 (Reuters) - A gauge of future U.S.
economic growth edged higher in the latest week, sending its
yearly growth rate to a two-year high that suggests a near-term
end to the recession, 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 118.5 for the week ended July 3 from a downwardly
revised 117.4 in the prior period, which ECRI initially
reported at 117.6.
The index's annualized growth rate plowed further into
positive territory to a two-year high of 5.4 percent from 3.9
percent the week prior, which was revised lower from 4.0
percent.
It was the highest annual growth rate the gauge has seen
since the week to July 20, 2007, when it read 5.7 percent.
ECRI Managing Director Lakshman Achuthan holds that
recovery is imminent before the year's end, as long as economic
data continues to weaken at a slower pace.
"It is increasingly evident that, despite widespread
misgivings based on backward-looking economic data, the end of
recession is at hand," said Achuthan.
The weekly index rose due to lower-than-expected jobless
claims and stronger housing activity, according to Achuthan.
(Reporting by Camille Drummond, Editing by Chizu Nomiyama)
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