WLI Slips

A weekly gauge of the U.S. economy moved lower, a report showed on Friday.

The Economic Cycle Research Institute's weekly leading index fell to 121.6 from 122.3 in the week to May 16, down slightly from the prior week.

"Cleary the risk of recession has ebbed, but thus far we are heading back only to a subpar recovery," said Lakshman Achuthan, ECRI managing director.

The index's growth rate, a four-week moving average that smoothes out weekly fluctuations, rose to 3.2 percent from 2.2 percent.

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.