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ECRI Weekly Leading Index

The weekly leading index is up a slight bit.

"We have a reprieve this week, but this doesn't change the outlook," said the group's managing director Lakshman Achuthan. "It's very clear that economic growth and jobs growth are set to decelerate and move closer to long-term trends," he said.

In the latest week, a drop in jobless claims and an increase in mortgage applications pushed the index higher, while falling stock prices tempered further gains.