The Economic Cycle Research Institute (ECRI) said its weekly leading index (WLI) growth rate fell to a "fresh 28-year low." This is the lowest reading since the week of June 13, 1980!

The index declined due to slower money supply growth and lower stock prices, its fall partly offset by lower interest rates and jobless claims, said Lakshman Achuthan, managing director at ECRI.

"With growth in the forward-looking WLI falling to a fresh 28-year low, prospects for a business cycle recovery remain bleak" said Lakshman Achuthan, managing director at ECRI.

Make sure you read the attached "August 2008 Fixed Income Report" to see my chart of ECRI's WLI growth vs the DJIA. You can see WLI growth started its plunge well before the stock market peaked last summer.