Weekly Leading Index Falls

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

The Economic Cycle Research Institute, an independent forecasting group, said its weekly leading index slipped to 135.6 in the week ended Oct. 21, compared with a 135.9 the previous week. The index's annualized growth rate is flat at 2.1 percent.

"With eight weeks of post-Hurricane Katrina data in hand, we see that the weekly leading index growth is still holding up affirming that no recession is on the horizon," said Lakshman Achuthan, managing director at ECRI.

Hurricane Katrina hit the U.S. Gulf Coast on Aug. 29.