NEW YORK (Reuters) - A measure of future economic growth edged up last week to hold a seven-month high, while the annualized growth rate also improved, a research group said on Friday.

The Economic Cycle Research Institute, a New York-based independent forecasting group, said its Weekly Leading Index rose to 125.7 in the week ended March 16 from a downwardly revised 125.0 the previous week. That was originally reported as 125.1.

Last week's reading was the highest level since early August.

The index's annualized growth rate gained to minus 0.4 percent from minus 1.4 percent a week earlier.

(Reporting By Leah Schnurr; Editing by Padraic Cassidy)