Weekly Leading Index Rises

A leading index of the U.S. economy edged up 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 134.7 in the week to July 15 from 133.5 in the prior week.

The index's annualized growth rate, which smoothes out weekly fluctuations, was 1.6 percent compared to a downwardly revised 1.1 percent in the prior week.

"U.S. economic prospects have brightened a bit further though the manufacturing outlook is still poor," said Lakshman Achuthan, managing director at ECRI."