Composite leading indicators (CLIs), designed to anticipate turning points in economic activity relative to trend, continue to signal a stable growth momentum in most major economies.

The CLIs for the OECD area as a whole as well as for the United States, Canada and the United Kingdom continue to point to stable growth momentum. The CLI for Japan continues to indicate an interruption in growth momentum though this may be related to one-off factors.

In Germany the CLI continues to point to slowing momentum, whereas in Italy the CLI exhibits tentative signs of a loss of growth momentum. In the Euro Area as a whole and in France, the CLIs remain stable.

In India growth continues to gain momentum while in China and Russia CLIs point to stabilisation of growth momentum.  The CLI for Brazil suggestsa tentative upward change in momentum.

Stable growth momentum in the OECD area