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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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To: marginmike who wrote (176449)	6/29/2002 6:27:04 PM
From: Haim R. Branisteanu	Read Replies (1) of 436258

ECRI U.S. weekly index up, growth rate at 3-yr high June 28, 2002 10:30 AM ET Email this article Printer friendly version NEW YORK, June 28 (Reuters) - Despite the doom and gloom hovering over the U.S. stock market in recent weeks, a report on Friday indicated the U.S. economic recovery is well under way and the rebound is not likely to unravel. The Economic Cycle Research Institute said its weekly indicator of U.S. economic activity was lifted by a strong rise in industrial commodity prices, to 124.0 last week from 122.5 one week earlier. "The recovery is firmly on track on the back of the industrial sector," said Lakshman Achutan, ECRI managing director. A rise in mortgage applications and a decline in first-time unemployment benefit claims also helped nudge the index higher, ECRI said. The index's growth rate, which compares the four-week moving average with its behavior over the preceding year, rose to 6.4 percent -- a three-year high -- from 5.6 percent. Fears associated with fraudulent accounting practices at U.S. firms are a real concern, but their impact is unlikely to derail the economy's emergence from the shortest recession in recent memory, Achutan said. "Even the worst-case scenario is not as bad as many are suggesting," he said. 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.

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