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Weekly Leading Index Edges Down

...The Economic Cycle Research Institute, an independent forecasting group, said its weekly leading index edged down to 137.6 from 138.3 in the week ended May 12.

The index's annualized growth rate was 3.4 percent in the latest week. The prior week's growth rate was revised to 3.4 percent from 3.3 percent.

On a monthly basis, annualized growth quickened to 2.7 percent, from 2.1 percent.

"With weekly growth improving over the past couple of months, the outlook for U.S. economic growth remains positive," said Lakshman Achuthan, managing director at ECRI.