WLI Growth at 20-Year High

A key indicator of the U.S. economy nudged lower last week, a report showed on Friday.

The Economic Cycle Research Institute, a private forecasting group, said its weekly leading index inched down to 127.2 in the week ended July 25 from a revised 127.3 the prior week.

"The economy is clearly building a head of steam, but it's not a perfect recovery by any means," Lakshman Achuthan, managing director of ECRI, told Reuters.

The index's growth rate, an annualized rate for the four-week moving average that evens out weekly fluctuations, rose to a 20-year high of 11.5 percent from 10.7 percent the previous week.

The weekly leading index is composed of several major economic indicators. ECRI designs short- and long-term indexes aimed at predicting business cycles, recessions and recoveries in the world's leading economies.