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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 30 edged down to 132.4, down from the prior period's reading of 132.8. Lower index levels indicate a slower economy. The growth rate contracted 6.2%, compared with 6.0% in the prior period.
"With the WLI falling for the fourth straight week, its smoothed growth rate slipped from a 22-week high," said Lakshman Achuthan, managing director of the institute. "Thus, U.S. growth prospects remain gloomy."