NEW YORK, May 22 (Reuters) - A measure of U.S. future economic growth inched higher in the latest week, while its yearly growth rate continued to climb toward positive territory, a research group said on Friday.
The Economic Cycle Research Institute, a New York-based independent forecasting group, said its Weekly Leading Index edged up to a 29-week high of 111.1 for the week ending May 15 from 111.0 the prior week.
The index's annualized growth rate reached a 35-week high of minus 11.5 percent from last week's rate of minus 13.6 percent.
It was the highest yearly growth reading since the week ended September 12, when it stood at minus 11.4 percent.
"With WLI growth rising steadily to a 35-week high, it is increasingly obvious that the 'green shoots' will blossom this summer," said Lakshman Achuthan, managing director at ECRI.
The group's index rose because of lower interest rates and higher commodity prices, and was partly offset by weaker housing activity, Achuthan said. (Reporting by Camille Drummond; Editing by Padraic Cassidy)