NEW YORK (Reuters) - A measure of future economic growth in the United States and its annualized growth rate inched up in the latest week, but are still showing a dark outlook for the U.S. economy, a research group said on Friday.
The Economic Cycle Research Institute, a New York-based independent forecasting group, said its Weekly Leading Index rose in the week ending December 12 to 106.2 from 105.6 in the previous week, which was revised from 106.9.
The index rose due to higher stock prices and lower interest rates, and the gain was partly offset by weaker housing, according to ECRI data.
The index’s annualized growth rate edged up to negative 30 percent from an also revised minus 30.3 percent, initially reported at minus 29 percent.
“With WLI growth hovering near last week’s all-time low, the U.S. recession is set to worsen significantly in the coming months,” said Lakshman Achuthan, managing director at ECRI.
Reporting by Rodrigo Campos, Editing by Chizu Nomiyama
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