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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