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Reuters

2-May-2008

NEW YORK, May 2 (Reuters) - A gauge of future U.S. economic growth slipped in the latest week and continues to point to a U.S. economy in recession, a research group said on Friday.

The Economic Cycle Research Institute, a New York-based independent forecasting group, said its Weekly Leading Index edged down to 131.9 in the week to April 25 from 132.1 in the prior week.

The decline was due to higher jobless claims and lower housing activity. These positive factors were partly offset by lower interest rates, said Melinda Hubman, research associate at ECRI.

The index's annualized growth rate remained negative, but improved to minus 8.7 percent from minus 9.8 percent, revised from 9.7 percent.

"While the WLI has recovered slightly in the last four weeks, it remains close to its March low and in a clear recessionary downswing," Hubman said.