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The growth rate for the Economic Cycle Research Institute's forward-looking gauge of the U.S. economy for the week ended March 21 contracted 10.0%. ECRI's weekly leading index (WLI) level rose to 131.8 from 130.8. The index level and growth rate can move in opposite directions because the index measures weekly changes while the growth rate is derived from a four-week moving average.
"With growth in the WLI having stabilized around recessionary readings, the economy remains on the recession track," said Lakshman Achuthan, managing director of the institute.