May 9, 2008 / 2:31 PM / 12 years ago

US economy gauge rises to 133.5 in May 2 week-ECRI

NEW YORK, May 9 (Reuters) - A gauge of future U.S. economic growth rose in the latest week, but still points to a recession, a research group said on Friday.

The Economic Cycle Research Institute, a New York-based independent forecasting group, said its Weekly Leading Index edged up to 133.5 in the week to May 2 from 131.8 in the prior week, revised from 131.9.

The rise was due to higher stock prices and lower jobless claims, which were partly offset by slower money supply growth, said Melinda Hubman, research associate at ECRI.

The index’s annualized growth rate remained negative, but improved to minus 8.0 percent from minus 8.7 percent.

“While WLI growth has recovered to a 14-week high, it remains deep in negative territory, suggesting that the outlook is still recessionary,” Hubman added. (Reporting by Caryn Trokie; Editing by James Dalgleish)

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