NEW YORK, Oct 17 (Reuters) - A measure of future economic growth in the United States fell to its worst level in 6 years and its annualized growth rate had its biggest weekly decline in almost four decades to hit a fresh 33-year low, a search group said on Friday.
The Economic Cycle Research Institute, a New York-based independent forecasting group, said its Weekly Leading Index fell to 117.0 in the week to Oct. 10, down from 120.6 in the previous period. It is at its lowest level since Oct. 25, 2002, when it stood at 117.0.
The index’s annualized growth rate slid from a downwardly revised minus 14.8 percent to negative 17.1 percent, its lowest since Jan 31, 1975, when it was minus 17.9 percent, according to ECRI data.
“With its biggest weekly plunge in 37 years WLI growth has dived to a new 33-year low. This data objectively shows that financial market turmoil is rapidly worsening an already-grim recessionary outlook,” said Lakshman Achuthan, managing director at ECRI.
ECRI data showed the index fell due to unfavorable moves in all components except for jobless claims. (Reporting by Rodrigo Campos; Editing by Theodore d’Afflisio)