NEW YORK, Nov 12 (Reuters) - A measure of future U.S. economic growth rose to a 24-week high in the latest week, 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 123.9 in the week ended Nov. 5, from 123.1 the previous week, originally reported at 123.2.
That was the highest level since May 21, when it stood at 125.3
The index's annualized growth rate rose to minus 5.7 percent from minus 6.5 percent a week earlier. That was the highest since June 4, when it stood at minus 3.9 percent.
"With the WLI steadily gaining ground since the summer and now hitting a 24-week high, the much-feared 'double dip' has turned out to be a mirage." said Lakshman Achuthan, managing director of ECRI. (Reporting by Ciara Linnane; Editing by Padraic Cassidy)
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