A measure of future U.S. economic growth dipped last week, while the annualized growth rate also pulled back, a research group said on Friday.

The Economic Cycle Research Institute, a New York-based  independent forecasting group, said its Weekly Leading Index  fell to 130.2 in the week ended May 10 from 131.0 the previous week. 

The index's annualized growth rate slipped to 7.0 percent from 7.4 percent a week earlier.