The Economic Cycle Research Institute’s weekly leading index of the U.S. economy rose to a reading of 123.1 in the week ended Jan. 27 from 122.7 in the prior period. The index’s growth rate contracted 5.2 percent for the week ended Jan. 27, compared with a contraction of 6.6 percent for the prior period.

The index level and the growth rate can move in opposite directions because the growth rate is based on a four-week moving average of the weekly leading index level, compared with the previous year’s moving average.