A measure of future U.S. economic expansion pushed higher last week, while the annualized growth rate rose to its loftiest level in more than a year, a research group said on Friday.

The Economic Cycle Research Institute, a New York-based independent forecasting group, said its Weekly Leading Index increased to 127.7 in the week ended October 5 from a revised 126.2 the previous week.

The prior week's figure was originally reported as 126.3.

The index's annualized growth rate accelerated to its highest level since May 2011 at 5.7 percent, from 4.6 percent.