Tags: OECD | Leading | Indicator | growth

OECD’s Leading Indicator Falls for Fourth Month

Monday, 12 Sep 2011 12:16 PM

The OECD's leading indicator for the world economy fell for a fourth straight month in July, adding to a pessimistic broader assessment the body made of economic prospects last week.

The Paris-based Organization for Economic Cooperation and Development said its July composite leading indicator for 33 OECD-member countries fell to 101.6 from 102.1.

The CLI for the Group of Seven major industrialized nations — France, Germany, Italy, Japan, Britain and the United States — dropped to 102.0 from 102.5 in June, while individual readings for the BRIC countries also slipped back.

"Compared to last month's assessment, the CLIs for Canada, France, Germany, Italy, the United Kingdom, Brazil, China and India are pointing more strongly to a slowdown in economic activity," the OECD said in its July report.

"The CLIs for the United States and Russia are also now pointing more clearly to a slowdown in economic activity."

Japan's CLI remained stable at 104.0, but the OECD warned it continued to indicate a potential turning point in activity.

The OECD last week downgraded its growth forecasts for developed countries and said the outlook had deteriorated significantly.

G-7 finance chiefs met at the end of last week in the French Mediterranean port of Marseille to discuss ways to tackle a debt crisis in the West that threatens to derail the world recovery, but offered few specifics on how to respond and showed differing priorities.

The lack of clear consensus failed to calm anxious markets, prompting European stocks to fall to a 26-month low on Monday.

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The OECD's leading indicator for the world economy fell for a fourth straight month in July, adding to a pessimistic broader assessment the body made of economic prospects last week. The Paris-based Organization for Economic Cooperation and Development said its July...
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