U.S. economy at weakest since Sept. 2010: ECRI

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U.S. economy at weakest since Sept. 2010: ECRI (by Jonathan Burton)

SAN FRANCISCO (MarketWatch) -- U.S. economic growth hit a 57-week low, posting its weakest reading since Sept. 2010, the Weekly Leading Index (WLI) growth indicator of the Economic Cycle Research Institute (ECRI) showed Friday. Economic growth as of the week ending Oct. 7 was -9.6%, the biggest decline since Sept. 3, 2010, when it was -9.8%, ECRI said. The U.S. economy's strength has been declining since May and went negative in August, according to the WLI. ECRI, which cautions that moves in the WLI must be prolonged and persistent before the readings can be called a trend, said in late September the U.S. economy is headed for a new recession that government intervention cannot prevent.

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