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ECRI: US recovery poised to trounce any obstacles
October 16, 2009 / 2:33 PM / 8 years ago

ECRI: US recovery poised to trounce any obstacles

 NEW YORK, Oct 16 (Reuters) - A weekly index of future U.S.
economic growth edged down in the latest week, but its yearly
growth rate rose to a new record high that further suggests
signs of a tapering 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 128.1 in the week to Oct. 9 from an upwardly revised
129.1 the previous week, which was originally reported as
128.3.
 But the index's yearly growth rate climbed to a fresh
all-time high of 27.9 percent from 27.4 percent the prior week,
which was revised higher from an original 26.1 percent.
 The group's data has posted annualized economic growth at
record high rates since September. Earlier this year, the
growth rate was struggling to dig itself out of deeply negative
territory.
 "Such a pronounced, pervasive and persistent upswing in the
WLI and its components assures that this economic recovery can
overcome any obstacles in the months ahead," said ECRI Managing
Director Lakshman Achuthan.
 The report's yearly growth gains are in step with U.S.
industrial production figures released earlier on Friday that
suggest the third quarter closed out with surprisingly strong
economic growth.
 "IP numbers are very much in line with our April forecast
that recession would end over the summer," said Achuthan, who
has said chances of a double-dip recession are highly
unlikely.
 This week's index dipped largely due to weaker housing
activity, Achuthan said. The growth rate is derived from a
four-week moving average, and occasionally moves inversely to
the weekly index level.
 (Reporting by Camille Drummond, Editing by Chizu Nomiyama)


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