Composite leading indicators (CLIs), designed to anticipate turning points in economic activity relative to trend six to nine months ahead, continue to anticipate stable growth momentum in the OECD area as a whole.
Among large European economies, signs of growth losing momentum are now emerging in Germany, France, Italy and the euro area as a whole. In the United Kingdom, the CLI continues to point to easing growth.
Among other major OECD economies, stable growth momentum remains the assessment in the United States, Japan and Canada.
Amongst major emerging economies, stable growth momentum remains the outlook for the industrial sector in China, while in India, Brazil and Russia the CLIs point to growth gaining momentum.
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.