July 7: WLI Growth at 4 Yr High

A key forward-looking indicator nudged slightly lower last week, a report showed on Friday.

The Economic Cycle Research Institute, a private forecasting group, said its weekly leading index inched down to 124.1 in the week to July 4 from 124.2 in the prior week.

"The overall economic recovery remains on track; however, it promises to be uneven with manufacturing lagging," said Lakshman Achuthan, managing director of ECRI.

The index's growth rate, a four-week moving average that evens out weekly fluctuations, climbed to 7.4 percent -- a new four-year high -- from 7.1 percent in the prior week.

"Because of the continued weakness in manufacturing, the jobless nature of the recovery is likely to be extended," Achuthan added.

The weekly leading index is composed of several major economic indicators. ECRI designs short- and long-term indexes aimed at predicting business cycles, recessions and recoveries in the world's leading economies.