A measure of future US economic growth fell to a 29-week low in the latest week, while an annualised growth gauge dropped to a 27-week low, a research group said on Friday. The Economic Cycle Research Institute, a New York-based independent forecasting group, said its Weekly Leading Index fell to 126.4 in the week ended June 24 from 127 the previous week. That is its lowest point since December 3, 2010.
The index's annualised growth rate also dropped, to 2 percent from 2.9 percent a week earlier, reaching its lowest point since December 17, 2010. "With WLI growth experiencing a pronounced and pervasive decline for 10 straight weeks from its mid-April peak to a 27-week low, the economy is set for a sustained slowdown in growth," said ECRI's Co-founder Lakshman Achuthan.