October 10, 2008 / 2:34 PM / 12 years ago

US yearly economic growth rate at 33-yr low-ECRI

NEW YORK, Oct 10 (Reuters) - A measure of future economic growth in the United States fell to a five-year low and its annualized growth rate fell to a 33-year low, hitting severe recession levels, 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 120.6 in the week to Oct. 3, down from 122.2 in the previous period. That’s the lowest level since April 18, 2003, when it stood at 120.3.

Its annualized growth rate slid from minus 13.3 percent to negative 14.7 percent, its lowest since Feb. 14, 1975, when it was minus 15.8 percent, according to ECRI data.

“With weekly leading index growth plummeting to a new 33-year low, the U.S. recession is set to rapidly worsen,” said Lakshman Achuthan, managing director at ECRI.

The index level ticked lower due to higher interest rates weaker stock prices and money supply growth, partly offset by lower jobless claims. (Reporting by Ciara Linnane; Editing by Tom Hals)

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