U.S. real gross domestic product increased at an annual rate of 3.2% in the first quarter of 2010, down from growth of 5.6% in the fourth quarter, according to an advance estimate released today by the U.S. Department of Commerce.

First-quarter growth slowed from the fourth, but remained much improved compared to the decline of 6.4% in the first quarter of 2009.

Separately, the Economic Cycle Research Institute reported today its weekly leading index of the U.S. economy is also pointing to slower economic growth.

"With [weekly leading index] growth declining to a 38-week low, overall U.S. economic growth will soon begin to ease, in line with the downshift in GDP growth shown in this morning's data," ECRI Managing Director Lakshman Achuthan said.

In the weekly period ending April 23, ECRI's weekly leading index level rose to 133.7 from 133.0 in the prior period. However, the index's growth rate slipped to 12.4% from 12.5% in the prior period. The growth rate and level can move in opposite directions because the growth rate is derived from a four-week average of the level that is compared against the previous year's average.

Growth in temporary employment is strongly correlated with growth in GDP.