US economy stabilizes, but index shows recession-ECRI
NEW YORK, March 28 (Reuters) - A gauge of future U.S. economic growth ticked up in the latest week as did its annualized growth rate, but both still show the U.S. economy headed for 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 131.8 in the week of March 21 from 130.8 in the prior week.
The rise in WLI was due to lower interest rates and jobless claims and stronger housing. That was partly offset by lower stock prices, said Lakshman Achuthan, managing director at ECRI.
The index's annualized growth rate ticked up to minus 10.0 percent from minus 10.2 percent, revised from negative 10.4 percent.
"With growth in the WLI having stabilized around recessionary readings, the economy remains locked on the recession track," said Achuthan. (Reporting by Rodrigo Campos; Editing by Dan Grebler)
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