WASHINGTON (4/27/15)--The ECRI Weekly Leading Index (WLI) rose 0.4 points to 133.2 for the week ending April 17, the seventh straight week of increases, according to the Economic Cycle Research Institute (
The index compiles a number of major U.S. economic indicators to reflect the relative state of the economy.
"The WLI increased again this week, and it seems safe to call the recent strong numbers an upward trend, especially as last week's drop was revised upward at no change," said Thomas McCartin, Moody's analyst (
The smoothed annualized growth rate for the index rose to -0.7%, and the 12-week average of the growth rate sits at -3.2%.
Over the past six months, the WLI has averaged 131.6, far below the 134.9 seen the prior six months. The index also fell 1% on an annual basis for the week.
"First quarter growth, to be reported in the advance GDP estimate (this) week, will likely be in the ballpark of a tepid 1.3%," McCartin said. "There are numerous headwinds that should prove temporary, such as delayed spending and construction during the harsh winter felt in much of the country, the strong U.S. dollar that has hurt the value of exports, and labor issues at West Coast ports."