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US yearly economic growth gauge continues stride-ECRI

 NEW YORK, June 5 (Reuters) - A gauge of future U.S.
economic growth hit a seven-week stride along with its rising
yearly growth rate, reaffirming expectations that yearly growth
will turn positive in the summer months, 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 a 32-week high of 113.5 for the week ending May 29 from
111.9 the previous week.
 In recent weeks, the group has forecast that the U.S.
recession will end sometime this summer, as its yearly economic
growth reading rebounds from late-2009 lows.
 The index's annualized growth rate spiked to a 46-week high
of minus 7.1 percent from the prior week's rate of minus 9.3
percent.
 It was ECRI's highest yearly growth reading since the week
ended July 11, 2008, when it stood at minus 6.8 percent.
 "With WLI growth climbing to its best reading since July,
U.S. growth prospects are rapidly reviving," said Lakshman
Achuthan, managing director at ECRI.
 The weekly index rose in the latest week due to favorable
moves in housing activity and stock prices, Achuthan said.
  (Reporting by Camille Drummond, Editing by Chizu Nomiyama)


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