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Weekly Leading Index Slips

...The Economic Cycle Research Institute, an independent forecasting group, said its weekly leading index edged down to 138.3 from a downwardly revised 138.4 in the week ended May 5. The index was originally pegged at 138.5.

The index's annualized growth rate rose to 3.3 percent in the latest week. The prior week's growth rate was 3.1 percent.

"The weekly leading index growth rate has climbed to an 11-week high, indicating reasonably positive prospects for U.S. economic growth at this time," said Lakshman Achuthan, managing director at ECRI.