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 9 fell to 133.5 from the prior period's reading of 133.6. Higher index levels indicate strengthening of the economy.

"While the WLI slipped slightly, its growth rate has come off its lows in recent weeks reflecting improved financial market sentiment," said Lakshman Achuthan, managing director of the institute. "Still, the WLI is not yet pointing to a business cycle recovery."