The growth rate for the Economic Cycle Research Institute's weekly leading index (WLI) level of the U.S. economy for the week ended May 23 fell to 132.8 from the prior period's reading of 133.0. Lower index levels indicate a slowing economy. Its growth rate, derived from a four-week moving average, registered -6.0% compared with the prior period's reading of -6.6%.

"The WLI declined for the third straight week, but its smoothed growth rate recovered to a 22-week high," said Lakshman Achuthan, managing director of the institute. "Thus, shorter-term U.S. growth prospects have improved a little, but remain recessionary."