There is little risk of another economic dip this year, according to the Economic Cycle Research Institute, which produces a weekly leading index of the U.S. economy.

"With the forward-looking [weekly leading index] rising to its best reading since January 2008, there is little risk of renewed recession this year," said Lakshman Achuthan, managing director of the institute.

In the weekly period ending April 30, the weekly leading index level rose to 134.7 from the prior period's reading of 133.6. The index's growth rate rose to 12.7% from 12.3% in the prior period.

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