Here is some good news for Happy Friday! Economic Cycle Research Institute (ECRI) said its Weekly Leading Index’s annualized growth rate soared to a 38-year high of 19.6 percent from a downwardly revised 17.4 percent the prior week, a number which was originally 17.5 percent.

ECRI has good reputation in predicting economic cycle. ECRI’s Weekly Leading Index is a composite index key USA weekly economic series. The limited availability of weekly data constrains the number of variables in the composite index, but this has not hurt the WLI’s predictive power. The weekly frequency of the WLI makes it a very timely gauge of the economy’s direction.

“With Weekly Leading Index growth continuing to surge through late summer, a double dip back into recession in the fourth quarter is simply out of the question,” said ECRI Managing Director Lakshman Achuthan, reinstating the group’s recent warning to ignore negative analyst projections. It appears that Obama team’s policies and strategies are working!

Related Link: No double-dip recession