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Weekly Leading Index Rises

A gauge of future U.S. economic growth rose in the latest week... with its annualized growth rate at a seven-week high, a research group said on Friday.

The Economic Cycle Research Institute, an independent forecasting group, said its Weekly Leading Index was up to 140.6 in the week to March 23 from a downwardly revised 140.1 in the prior week.

Its annualized growth rate rose to 3.9 percent from the previous week's 3.8 percent, also revised down.

"With WLI growth rising for three straight weeks, and well above last summer's low, U.S. growth prospects remain resilient," said Lakshman Achuthan, managing director at ECRI.

The rise in the weekly index was offset by higher interest rates, Achuthan said.