The growth rate for the Economic Cycle Research Institute's forward-looking gauge of the U.S. economy for the week ended April 4 contracted 10.7%. However, ECRI's weekly leading index level (WLI) rose to 131.9 from 129.8. The index and growth rate can move in opposite directions because the index measures weekly changes while the growth rate is derived from a four-week moving average.

Still, "despite the latest uptick, the WLI remains in a recessionary downturn," said Lakshman Achuthan, managing director of ECRI.