According to the U.S. Weekly Leading Index (US WLI) for the week ending 09/05/2008 published by Economic Cycle Research Institute [ECRI], economic growth remains solidly in recession territory.
Lakshman Achuthan of ECRI states:
Despite a slight uptick, WLI growth remains solidly in recession territory, suggesting that the prospect of a near-term business cycle recovery amounts to wishful thinking.
The US WLI has a slight lead over business cycles, and is released seven days after the reporting period. Occasionally the WLI level and growth rate can move in different directions, because the latter is derived from a four-week moving average.