A measure of future U.S. economic growth declined modestly in the latest week, though the annualized growth rate improved, 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 122.8 in the week ended Jan 20 from a revised 123.3 the previous week. That was originally reported as 123.4.

The index's annualized growth rate gained to minus 6.5 percent from a revised minus 7.6 percent a week earlier.