The Economic Cycle Research Institute's weekly leading index measuring the U.S. economy continued its upward trajectory in its most-recent reading. "With [weekly leading index] growth rising to a 102-week high, it is increasingly evident that, despite widespread misgivings based on backward-looking economic data, the end of the recession is at hand," said Lakshman Achuthan, managing director of the institute.

The growth rate for the weekly leading index rose to 5.4% in the week ended July 3; it showed growth of 3.9% in the prior period. The index level rose to 118.5 from 117.4 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.