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Weekly Leading Index Edges Down

A gauge of U.S. economic growth edged down in the latest week..., a report said on Friday.

The Economic Cycle Research Institute, an independent forecasting group in New York, said its weekly leading index slipped to 135.4 in the week ended Dec. 16 from a revised 135.5 in the prior week, previously estimated at 135.4.

The annualized growth rate of the index was 1.7 percent in the latest week, compared to a revised 1.5 percent in the prior week, previously reported at a 1.4 percent rate.

"While the weekly leading index growth has eased since the summer, the growth rate has hovered between 1.1 percent and 2.0 percent for the last thirteen weeks," said Anirvan Banerji, director of research at ECRI.

"Therefore the U.S. economy is set to moderate while remaining fairly stable for the time being," Banerji said.