A measure of future U.S. economic growth improved last week to its highest level in seven months, while the annualized growth rate also rose, 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 125.1 in the week ended March 9 from an upwardly revised 124.6 the previous week. That was originally reported as 124.3.

The index's annualized growth rate gained to minus 1.4 percent from minus 2.1 percent a week earlier.

Both measures were at their highest levels since last August.