Yearly growth rate ticks above record low: ECRI

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 still indicate the U.S. recession is here to stay, 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 19 to 106.6 from 106.2 in the previous week.

The index’s annualized growth rate edged up to negative 29.2 percent from minus 30.1 percent, initially reported at minus 30 percent.

“With WLI growth barely above its all-time low seen two weeks ago, the U.S. recession will persist in the months ahead,” said Melinda Hubman, research associate at ECRI.

The weekly index rose due to lower interest rates and higher stock prices and the gain was partly offset by higher joblessness, according to ECRI data.

Reporting by Rodrigo Campos; Editing by Leslie Adler