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Weekly Leading Index Ticks Up

A gauge of future U.S. economic growth ticked up... but its annualized growth rate hit a 43-week low, a research group said on Friday.

The Economic Cycle Research Institute, an independent forecasting group, said its Weekly Leading Index (WLI) edged up to 140.4 in the week ended Aug. 31 from 139.2 in the prior week.

ECRI said the annualized growth rate in the index declined to 0.6 percent from 1.3 percent in the prior week. It marked the smallest growth level since the week ending Nov. 3, 2006.

"With WLI growth at a 43-week low economic growth prospects have clearly dimmed, but not yet in a recessionary way," said Lakshman Achuthan, managing director at ECRI.

A measure of risk perceptions in the index remained unchanged from the previous week, Achuthan said.