The growth rate for the Economic Cycle Research Institute's forward-looking gauge of the U.S. economy for the week ended Dec. 28 contracted 6.2%. ECRI's weekly leading index level, however, rose to 135.1 from 135.0 in the prior period.

Weekly leading index "growth is now at its worst rating since the 2001 recession, however, the WLI's recent decline is not based on pervasive weakness among its components suggesting that a recession can still be averted," said Lakshman Achuthan, managing director of the institute.

The growth rate and level can move in opposite directions because the index level measures weekly changes while the growth rate is derived from a four-week moving average.