The Economic Cycle Research Institute's weekly leading index measuring the U.S. economy showed further improvement, according to its latest reading today. "With [weekly leading index] growth climbing to its best reading since July, U.S. growth prospects are rapidly reviving," said Lakshman Achuthan, managing director of the institute.

The growth rate for the weekly leading index contracted 7.1% in the week ended May 29, but had contracted 9.3% in the prior period. The index level rose to 113.5 from 111.9.

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