The growth rate for the Economic Cycle Research Institute's weekly leading index (WLI) measuring the U.S. economy contracted 24.6% in the week ended Oct. 31. The index level was at 110.9. "With WLI growth diving to a new record low over its six-decade history, prospects for U.S. economic growth are worsening swiftly," said Lakshman Achuthan, managing director of the institute.

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