The Economic Cycle Research Institute's weekly leading index measuring the U.S. economy continued its upswing in its most recent reading released Friday. "With [weekly leading index] growth soaring into the double-digit range, prospects for U.S. economic growth have brightened significantly," said Lakshman Achuthan, managing director of the institute.

The growth rate for the weekly leading index rose by 10.5% in the week ended July 31, and the index level rose to 121.8 from 119.5 in the prior period.

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