March 22, 2010 / 2:45 PM / 9 years ago

CORRECTED-ECRI: Double dip fears 'remain unfounded'

 (In March 19 item, corrects historical data in first sentence,
which read that the index rose for seven consecutive weeks)
 NEW YORK, March 19 (Reuters) - A measure of future U.S.
economic growth rose to its highest level in seven weeks, while
its yearly growth gauge rebounded after a 12-week slide,
indicating a pullback in the pace of recovery in the coming
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 130.9 for the week ended March 12, up from 130.4 the
previous week, which was revised down from an original 130.6.
 After falling for 12 consecutive weeks, the index's
annualized growth rate component rose slightly to 13.1 percent,
from a downwardly revised 12.8 percent the prior week,
originally reported as 13.1 percent.
 Last week's yearly growth reading marked its lowest level
since July 2009.
 "Double dip fears remain unfounded, but with WLI growth
remaining in a cyclical downtrend, U.S. economic growth will
soon begin to throttle back," said ECRI Managing Director
Lakshman Achuthan.
 Achuthan told Reuters last week that, although the group's
yearly growth gauge accelerated to record levels in Fall 2009,
coincident indicators such as improvement in retail sales will
likely begin to ease come summer.
 (Reporting by Camille Drummond)

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