ECRI's future inflation gauge fell to 111.0 in March from the revised February index of 112.6 (1992=100), the Economic Cycle Research Institute (ECRI) reported Friday. The smoothed annual growth rate in the index fell to -12.1% in March from -11.0% in February. "The gauge was pulled down in March by slower growth in employment and the JOC-ECRI industrial price index, a higher insured unemployment rate, a wider yield spread and a lower percentage of purchasing managers reporting slower deliveries, partly offset by faster growth in real estate loans," ECRI said.