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WLI Ticks Down

A weekly indicator of U.S. economic activity fell modestly last week, but its level still indicates the country's economic recovery is sustainable, a report on Friday showed.

The Economic Cycle Research Institute's Weekly Leading Index slipped to 121.9 in the week ended May 10 from 122.6 in the prior week.

The index's growth rate -- which compares the four-week moving average with its behavior over the preceding year -- rose for the third straight week, to 4.9 percent from 4.6 percent.

The Weekly Leading Index is composed of a balance of seven major economic indicators. ECRI designs short- and long-term indexes aimed at predicting business cycles, recessions and recoveries in the world's leading economies.