Composite leading indicators (CLIs), designed to anticipate turning points in economic activity relative to trend six to nine months ahead, continue to point to easing growth momentum in the OECD area as a whole.
Easing growth momentum remains the assessment for the euro area as a whole, including France and Italy, and for the United Kingdom, while in Germany the CLI now points to stabilising growth momentum.
In the United States and Japan, the CLIs continue to point to stable growth momentum with similar signs emerging in Canada.
Among major emerging economies, stable growth momentum is now expected in Russia and in the industrial sector of China. The CLI for Brazil continues to point to growth easing momentum while growth gaining momentum remains the assessment for India.
The above graphs show country specific composite leading indicators (CLIs). Turning points of CLIs tend to precede turning points in economic activity relative to trend by approximately six months. The horizontal line at 100 represents the trend of economic activity. Shaded triangles mark confirmed turning-points of the CLI. Blank triangles mark provisional turning-points that may be reversed.