The growth rate for the Economic Cycle Research Institute's forward-looking gauge of the U.S. economy for the week ended April 18 was down 9.7%, an improvement versus the 10.2% decline reported last week.

"The WLI has recovered to an 11-week high, but remains deep in recession territory," said Lakshman Achuthan, managing director of the institute. "Therefore, it is premature to forecast a business cycle recovery."