The Economic Cycle Research Institute's weekly leading index measuring the U.S. economy continued its improving trend, according to its latest reading today. "The level of the [weekly leading index] is fast approaching a six-month high, making it increasingly likely that the U.S. recession will end this summer," said Lakshman Achuthan, managing director of the institute.

The growth rate for the weekly leading index contracted 16.1% in the week ended May 1, but had contracted 17.5% in the prior period. The index level rose to 109.3 from 107.7.

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