July 24, 2009 / 2:34 PM / 8 years ago

US yearly economic growth at fresh 5-yr high--ECRI

 NEW YORK, July 24 (Reuters) - A gauge of future U.S.
economic growth edged higher in the latest week, while its
measure of annual growth continued to stride at five-year
highs, feeding hopes that a smooth recovery is due this year, 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 118.4 in the week to July 17 from 118.1 the previous
week.
 The index's annualized growth rate jumped to a fresh
five-year high of 7.7 percent from 7.0 percent one week ago.
 It was the index's highest yearly growth rate reading since
the week ended May 7, 2004, when it stood at 7.8 percent.
 "With WLI growth climbing to a new five-year high, it is
reaffirming that the end of recession is at hand and that the
U.S. economy is poised for recovery in short order," said
Lakshman Achuthan, managing director at ECRI.
 The weekly index rose due to higher stock and commodity
prices, said Achuthan.
 (Reporting by Camille Drummond, Editing by Chizu Nomiyama)


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