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Weekly Leading Index Slips

A gauge of future U.S. economic growth slipped in the latest week... with its growth rate at a fresh three-year high, a research group said on Friday.

The Economic Cycle Research Institute, an independent forecasting group, said its Weekly Leading Index (WLI) fell to 142.4 in the week ended May 18 from a downwardly revised 142.6 in the prior week.

Its annualized growth rate reached a three-year high for a third consecutive week at 6.4 percent, from 6.1 percent the previous week.

"The WLI is showing broad-based strength in its forward-looking components, including those for the services and industrial sectors. Therefore, the prospect of a recession is minuscule at this point," said Lakshman Achuthan, managing director at ECRI...

The Weekly Leading Index and the growth rate can occasionally move in different directions, because the rate is derived from a four-week moving average.