The Economic Cycle Research Institute's weekly leading index measuring the U.S. economy hit a five-year low. The leading index level fell to 127.5 in the week ended Aug. 1, and its growth rate contracted 8.9%. The growth rate is derived from a four-week moving average of the level and compared against the previous year's average.

The leading index level was 132.3 in the week ended July 4.

"With the [weekly leading index] falling to a fresh five-year low, a business cycle upturn looks increasingly distant," said Lakshman Achuthan, managing director of the institute.