Reported by Reuters on March 13, 2009
(Reuters) - A measure of U.S. future economic growth fell to a fresh 14-year low in the latest week although its annualized growth rate inched higher, a research group said on Friday.
The Economic Cycle Research Institute, a New York-based independent forecasting group, said its Weekly Leading Index slipped to 104.8 for the week ending March 6, from 105.1 in the previous week.
It was the WLI's lowest reading since March 10, 1995, when it was 104.7.
The index's annualized growth rate edged up to a six-week high of negative 24.1 percent from negative 24.2 percent, offering some light in a period of economic downturn.
"While the WLI slid to a new cycle low, indicating that a business cycle recovery is not yet in sight, the uptick in its growth rate to a six-week high suggests the pace of contraction will slow in coming months," said Lakshman Achuthan, managing director at ECRI.
The weekly index fell due to higher interest rates and jobless claims data, with the decline partly offset by higher commodity prices, Achuthan said.
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