A measure of future U.S. economic growth rose to an eight-week high in the latest week, and the annualized growth rate rose to a five-week high, 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 123.2 in the week ended July 6 from 121.9 the previous  week, the highest level since May 11, when it was 124.5.

The index's annualized growth rate rose to -2.2 percent from -2.8 percent a week earlier. That was originally reported as -2.9 percent.