OECD Economic Outlook Continues to Weaken
The economic outlook for almost all major economies continues to weaken, according to the OECD’s latest composite leading indicators.
The CLI for the OECD area decreased by 0.7 point in July 2008 and was 5.2 points lower than in July 2007. For the United States the CLI fell by 0.2 point in July and was 5.0 points lower than a year ago, while the Euro area’s CLI decreased by 1.2 point in July and stood 6.0 points lower than a year ago.
The latest data for major non-OECD member economies tentatively point to expansion in China, Brazil and Russia and a downturn in India. The CLI for Russia increased by 1.8 point in June and was 5.0 points higher than a year ago. The CLI for India was up 1.5 point in June 2008 and but 5.5 points lower than in June 2007, while for Brazil the CLI increased by 1.4 point and was 2.3 point higher than a year ago. The CLI for China decreased 1.3 point in July 2008 and was 1.4 point lower than a year ago.
The July and annual CLI for other countries:
Japan -0.5, and -3.4 points.
United Kingdom -0.9 point and -5.5 points.
Canada -1.5 point and -5.0 points.
France -1.1 and -6.0
Germany -1.5 point and -6.7 points.
Italy -1.9 point in July and -5.9 points.
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