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The growth rate for the Economic Cycle Research Institute's forward-looking gauge of the U.S. economy for the week ended Feb. 8 contracted 9.1%. ECRI's weekly leading index (WLI) level contracted to 133.4 from 133.5 in the prior period. The index measures weekly changes while the growth rate is derived from a four-week moving average.
"WLI growth is at recessionary readings, consistent with ongoing contractions in the financial and construction sectors," said Lakshman Achuthan, managing director of the institute. "However, ECRI's leading indexes for other sectors have yet to confirm recessionary conditions."