Weekly Leading Index Ticks Down

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

The Economic Cycle Research Institute, an independent forecasting group, said its Weekly Leading Index, or WLI, was at 142.9 in the week ended June 15, versus a downwardly revised 143.7 in the prior week. It cited slower housing activity, higher interest rates and lower stock prices.

The index's annualized growth rate was unchanged at 6.7 percent, although the previous week's number was revised down from 6.9 percent.

"Notwithstanding sporadic concerns about the economy, WLI growth is holding at a 37-month high," said Lakshman Achuthan, managing director at ECRI. "Thus, U.S. economic growth is poised to firm in the months ahead."

The index level and growth rate can move in different directions, because growth is derived from a four-week moving average.