NEW YORK (Reuters) - A weekly gauge of future U.S. economic growth fell due to slower housing activity and lower stock prices, while its annualized growth rate slipped to its lowest in 63 weeks, a research group said on Wednesday.
The Economic Cycle Research Institute, a New York-based independent forecasting group, said its Weekly Leading Index fell to 139.2 in the week ended November 16 from a downwardly revised 139.9 in the prior week, initially reported as 140.0.
The negative effect of slower housing activity, lower prices and lower industrial commodity prices was partially offset by lower jobless claims, said Lakshman Achuthan, managing director at ECRI.
The growth rate fell to minus 1.2 percent from minus 0.9 percent. This marks a 63-week low for the growth rate.
“With WLI growth easing further, U.S. economic growth prospects are worsening slowly but steadily,” Achuthan said.
Reporting by Anastasija Johnson; Editing by Theodore d'Afflisio