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The growth rate for the Economic Cycle Research Institute's weekly leading index measuring the U.S. economy contracted 26.8% in the week ended Jan. 2; it had contracted 28.7% in the prior period. The index level is now 109.4.
"While [weekly leading index] growth has inched up over the past four weeks, it remains deep in negative territory, indicating that an economic recovery is not yet in sight," 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.