June 19, 2009 / 2:36 PM / 10 years ago

US yearly economic growth gauge paces higher-ECRI

 NEW YORK, June 19 (Reuters) - A gauge of future U.S.
economic growth rose along with its yearly growth rate,
reaffirming hope that yearly growth will turn positive in the
summer 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 a 36-week high of 117.1 for the week ending June 12,
from an upwardly revised 116.2 the previous week.
 In recent weeks, the group has forecast that the U.S.
recession will end sometime during this summer, as its yearly
economic growth reading rebounds from late-2008 lows.
 The index's annualized growth rate spiked to an 85-week
high of minus 0.6 percent from the prior week's revised rate of
minus 3.5 percent.
 It was ECRI's highest yearly growth reading since the week
ended October 26, 2007, when it stood at minus 0.6 percent.
 "With WLI growth rocketing up almost 30 percentage points
in six months, it's virtually pounding the table about the
recession ending this summer," said Lakshman Achuthan, managing
director at ECRI.
 The weekly index rose in the latest week because of higher
commodity prices and stronger housing activity, Achuthan said.
  (Reporting by Ciara Linnane; Editing by Padraic Cassidy)


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