The growth rate for the Economic Cycle Research Institute's weekly leading index (WLI) level of the U.S. economy for the week ended May 2 improved to 133.5 from the prior period's reading of 131.8. Higher index levels indicate strengthening of the economy.

"While WLI growth has recovered to a 14-week high, it remains deep in negative territory, suggesting that the outlook is still recessionary," said Lakshman Achuthan, managing director of the institute.