The growth rate for the Economic Cycle Research Institute's weekly leading index (WLI) level of the U.S. economy for the week ended May 16 fell to 133.1 from the prior period's reading of 133.4. Lower index levels indicate a slowing economy.

"The WLI slipped again, but its smoothed growth rate recovered to its best reading since just before Christmas," said Lakshman Achuthan, managing director of the institute. "While this recovery is somewhat pronounced, it is not pervasive or persistent enough to signal a business cycle upturn."