Reported by Reuters, February 27, 2009:
(Reuters) - A measure of U.S. future economic growth fell to a 13-year low while its annualized growth rate remained constant in negative territory, indicating economic recovery is nowhere 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 dipped to 105.6 for the week ending Feb. 20 from 107.2 in the previous week.
It was the lowest the index has been since April 21, 1995, when it read 105.6.
The annualized growth rate was steady at negative 24.1 percent, according to the weekly report.
"The WLI has dropped to a new cycle low, clearly indicating that the recession will intensify in coming months, with no recovery in sight," said Lakshman Achuthan, Managing Director at ECRI.
The weekly index fell due to higher jobless claims, weaker housing activity and lower commodity prices, Achuthan said.
Click on charts to enlarge, data courtesy of ECRI.
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