Weekly Leading Index Falls

A leading index of the U.S. economy fell in the latest week..., a report showed on Friday.

The Economic Cycle Research Institute, an independent forecasting group, said its weekly leading index (WLI) fell to 130.6 in the week ended Oct. 22 compared with 131.6 in the previous week. ECRI noted the fall in the index was offset slightly by lower bond yields,

The index's annualized growth rate, which smooths out weekly fluctuations, fell to an 84-week low of -1.4 percent from -1.0 in the prior week.

"The WLI is saying 'don't worry, but don't be happy' by showing little risk of growth falling off a cliff, but no sign of a strong reacceleration in growth either." said Lakshman Achuthan, Managing Director of ECRI.

"It's notable that today's Gross Domestic Product (GDP) report, where weakness caught the market off-guard, is consistent with earlier declines in the WLI," Achuthan added.