A measure of future U.S. economic growth rose in the latest week, as did the annualized growth rate, 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 122.8 in the week ended July 20 from 121.8 the previous  week. That was originally reported as 121.9.

The index's annualized growth rate rose to an eight-week high of minus 1.6 percent from  minus 2.3 percent a week earlier.