ECRI: The Great Recession Is History

NEW YORK, Aug 21 (Reuters) - A gauge of future economic growth made steady gains in the latest week, sending its yearly growth rate to a fresh 26-year high and suggesting a strong recovery is already in motion, a research group said on Friday. The index’s annualized growth rate ticked up to 17.5 percent after hitting a 26-year high of 14.3 percent last week, which was also revised higher from 13.4 percent.

It was the highest yearly growth rate the index has seen since the week to July 29, 1983, when it was 17.8 percent.

“It is high time to break from the herd of pessimistic analysts, who will continue to bemoan economic weakness long after the Great Recession is history,” said Lakshman Achuthan, Managing Director at ECRI.

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