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The growth rate for the Economic Cycle Research Institute's weekly leading index measuring the U.S. economy contracted 13.3% in the week ended Sept. 26. The index level was at 122.2. The growth rate is derived from a four-week moving average of the level and compared against the previous year's average.
"With WLI growth plunging to its lowest reading since the severe 1973-75 recession, the 2008 recession is set to get noticeably worse," said Lakshman Achuthan, managing director of the institute.