NEW YORK (10/21/13)--An index measuring future economic growth increased slightly last week, but its measure of annualized growth fell to a 13-month low.
The New York-based Economic Cycle Research Institute said its Weekly Leading Index rose to 130.4 for the week ending Oct. 11, up from 130.3 the previous week--a number that was revised down after being initially reported as 130.4.
The measure's annualized growth rate fell to 2.8%, to its lowest number since September 2012. The week before, which ended Oct. 4, the index measured annualized growth at 3.6%--a figure revised downward after being originally reported as 3.8%.
In late August, the ECRI annualized growth rate started to climb from just under 4%, peaking at 4.6% just before the federal government's partial shutdown, for the week ending Sept. 27. It has steadily fallen by almost a percentage point per week since.