The Economic Cycle Research Institute’s weekly leading index of the U.S. economy rose to a reading of 124.3 in the week ended March 2. It was the highest reading since August 2011. However, the index’s growth contracted 2.6 percent; it had contracted 3.0 percent in 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.