The growth rate for the Economic Cycle Research Institute's forward-looking gauge of the U.S. economy for the week ended March 28 contracted 10.7%. ECRI's weekly leading index (WLI) level fell to 129.9 from 131.7. The index measures weekly changes while the growth rate is derived from a four-week moving average.

"With the WLI continuing its slide and WLI growth back at its cycle low, an end to the recession is nowhere in sight," said Lakshman Achuthan, managing director of ECRI.