June 26, 2009 / 2:35 PM / 9 years ago

US yearly economic growth gauge turns positive-ECRI

 NEW YORK, June 26 (Reuters) - A gauge of future U.S.
economic growth rose, and its yearly growth rate turned
positive, raising hopes that the end of the recession is in
sight, 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 37-week high of 117.6 for the week ending June 19,
from a downwardly revised 117.0 the previous week.
 The index's annualized growth rate spiked to a 97-week high
of 2.1 percent from minus 0.6 percent a week ago.
 It was ECRI's highest yearly growth reading since the week
ended August 10, 2007, when it stood at 3.4 percent.
 "Following a 28-week upturn, WLI growth has broken into
positive territory for the first time in over 22 months -- an
affirmation that an end to the recession is at hand," said
Lakshman Achuthan, managing director at ECRI.
 The weekly index rose in the latest week because of
stronger housing activity and investor confidence, Achuthan
said.
  (Reporting by Ciara Linnane; Editing by Padraic Cassidy)


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