NEW YORK, Dec 13 (Reuters) - A barometer of U.S. economic performance slipped last week but the economy is likely to avoid a renewed recession, according to a report issued on Friday.

The Economic Cycle Research Institute said its weekly gauge of U.S. economic health fell to 118.7 in the week ended Dec. 6 from 120.8 in the prior week.

But the index's growth rate, which smooths out weekly fluctuations, rose to -1.3 percent, its highest level since September, from -1.8 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.