NEW YORK (Reuters) - A measure of future U.S. economic growth rose to a 3-week high in the latest week, while the index’s annualized growth rate rose to a 19-week high, 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 123.1 in the week ended October 22 from 122.0 the previous week.
That was the highest level since October 1, when it stood at 123.7.
The index’s annualized growth rate rose to minus 6.5 percent from minus 6.9 percent a week earlier. That was the highest since June 11, when it stood at minus 6.1 percent.
Reporting by Edith Honan; Editing by Chizu Nomiyama