The growth rate for the Economic Cycle Research Institute's forward-looking gauge of the U.S. economy for the week ended April 11 contracted 10.2%. ECRI's weekly leading index (WLI) level was 132.0, up from the prior period's reading of 131.9. 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.

"Despite its two-week uptick, the WLI is still in recession territory," said Lakshman Achuthan, managing director of the institute.