The Economic Cycle Research Institute's weekly leading index measuring the U.S. economy continued to increase, according to its most recent reading released today. "With [weekly leading index] growth rising to a new 38-year high, U.S. economic growth is poised for a stronger snap-back than most expect," said Lakshman Achuthan, managing director of the institute.

The growth rate for the weekly leading index rose by 20.8% in the week ended Aug. 28, and the index level rose to 124.7 from 124.3 in the prior period.

The growth rate is derived from a four-week moving average of the level and compared against the previous year's average.