Data Indicate Global Economic Slowdowns, Except in Russia
The OECD’s latest composite leading indicators continue to point to a slowdown in economic activity in most major economies, with the exception of Russia. Brazil’s CLI dropped most sharply and has declined 2.5 points in the latest two months.
March 2008 data indicate a weakening outlook for all the major seven OECD economies. The latest data for major OECD non-member economies indicate a potential downturn in Brazil, China and India while continued expansion is ahead in Russia, the OECD said.
The CLI for the OECD area fell by 0.5 point in March 2008 and was 3.2 points lower than in March 2007.
The United States fell by 0.9 point in March after dropping 0.1 point in February and was 3.6 points lower than a year ago. The Euro area’s CLI decreased by 0.7 point in March after a 0.3-point drop in February and stood 3.3 points lower than a year ago.
The CLI for the United Kingdom fell by 0.7 point in March 2008 after dropping 0.3. point in February and was 2.6 points lower than a year ago.
Japan’s CLI matched February’s increase of 0.4 point, but it was 4.3 points lower than a year ago.
The CLI for China was up by 0.1 point in March 2008, after dropping 0.7 point the month before, but still stood 1.6 point lower than a year ago. Russia reversed the prior month’s 0.1 point drop, increasing by 0.1 point in March, and its level was 3.2 points higher than a year ago. In March 2008 the CLI for Brazil dropped 1.9 point after losing 0.6 point in February , and it was 1.4 points lower than a year ago.
India’s CLI data, which lags by a month fell fell by 1.3 point in February 2008 after a 0.7-point decline in January,and was 1.6 point lower than in February 2007.
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