The growth rate for the Economic Cycle Research Institute's weekly leading index measuring the U.S. economy contracted 24.7% in the week ended Jan. 30; it had contracted 24.0% in the prior period. The index level is now 106.1.

"With the [weekly leading index] falling for the fourth straight week almost to its cycle low, an economic recovery is not 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.