The growth rate for the Economic Cycle Research Institute's forward-looking gauge of the U.S. economy for the week ended March 7 contracted 10.4%. ECRI's weekly leading index (WLI) level fell to 132.2 from 132.5 in the prior period. The index measures weekly changes while the growth rate is derived from a four-week moving average.

"Though WLI growth has shown signs of stabilization in the last few weeks, it is still in recession territory," said Lakshman Achuthan, managing director of the institute.