ICS Magazine

U.S. economy gauge rises in Nov. 22 week

November 27, 2002
NEW YORK, Nov 27 (Reuters) - November may have marked a turning point in the U.S. economy as stocks eased off their bubble-bursting lows and fewer Americans filed for first-time unemployment benefits, a research firm said on Wednesday.

The Economic Cycle Research Institute's said on Wednesday its weekly barometer of U.S. economic health rose to 119.3 in the week ended Nov. 22 from 118.1 in the prior week.

"This is more evidence that something has shifted in early November," said Lakshman Achuthan, ECRI managing director. "With three weeks of data we see that the tug-of-war has tilted away from recession."

The index's growth rate, which smooths out weekly fluctuations, rose on the week to -2.7 percent from -3.5 percent.

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.