February 13, 2009 / 3:41 PM / 11 years ago

U.S. economic growth hits a four-week low-ECRI

NEW YORK, Feb 13 (Reuters) - A measure of U.S. future economic growth slipped further along with its annualized growth rate in the latest week, indicating a hazy reading of economic recovery, a research group said on Friday.

The Economic Cycle Research Institute, a New York-based independent forecasting group, said its Weekly Leading Index fell to 106.1 for the week ending Feb. 6, from a revised 106.6 in the previous week.

The index’s annualized growth rate fell to minus 24.8 percent from a revised minus 24.5 percent, hitting its four-week low since Jan. 9 when it read negative 25.2 percent.

“With WLI growth falling once again, a business cycle recovery remains elusive,” said Lakshman Achuthan, the Managing Director at ECRI.

The index fell to a nine-week low, the lowest reading since Dec. 5, 2008, when it was 105.7.

Achuthan said the weekly index slipped due to slower housing activity and money supply growth, partly offset by higher commodity prices. (Reporting by Camille Drummond; Editing by Theodore d’Afflisio)

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