The Economic Cycle Research Institute's weekly leading index measuring the U.S. economy is improving, according to its latest reading released today. "With [weekly leading index] growth rising to a 23-week high, an upturn in the U.S. growth rate cycle is now in clear sight," said Lakshman Achuthan, managing director of the institute.

The growth rate for the weekly leading index contracted 22.2% in the week ended March 27, but it had contracted 23.2% in the prior period. And the index level rose to 106.7 from 106.2 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.