Weekly Leading Index Rises

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

The Economic Cycle Research Institute, an independent forecasting group, said its weekly leading index rose to 134.4 in the week ended July 1 from 133.7 in the prior week.

The index's annualized growth rate, which smoothes out weekly fluctuations, was 1.4 percent compared to an upwardly revised 0.9 percent in the prior week.

"The growth rate rose to a seven-week high in the latest reading. Therefore it shows that U.S. economic growth prospects continue to improve," said Lakshman Achuthan, managing director at ECRI.