Sharper Economic Slowdown Reported in OECD Area
Aug 20, 2008
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Composite leading indicators (CLIs) for June 2008 indicate a continued weakening outlook for all the major seven economies, according to the Organization for Economic Cooperation and Development (OECD).

The data for major non-OECD member economies tentatively point to expansion in China and Brazil and a downturn in India and Russia.

The CLI for the OECD area decreased by 0.6 points in June, and was 5 points lower than in June 2007. The CLI for the United States fell by 0.2 points in June, and was 5.4 points lower than a year ago. The Euro area’s CLI decreased by 0.8 points, in June and stood 5.2 points lower than a year ago. In June, the CLI for Japan stayed unchanged, but was 4.1 points lower than a year ago.
The CLI for the United Kingdom fell by 0.8 points in June 2008 and was 4.8 points lower than a year ago, while the CLI for Canada decreased by 1.1 points in June and was 3.9 points lower than a year ago.

For France, the CLI decreased by 0.9 points in June and was 5.1 points lower than a year ago. The CLI for Germany fell by 0.9 point in June and was 5.4 points lower than a year ago, while for Italy, the CLI fell by 0.7 points in June and stood 4.5 points lower than a year ago.

The CLI for China remained unchanged in June 2008 and was 0.8 points higher than a year ago. The CLI for India fell by 1.5 points in May 2008 and was 4.4 points lower than in May 2007. The CLI for Russia decreased by 1.2 points in May, but its level was 0.9 points higher than a year ago. In June 2008 the CLI for Brazil increased by 2.2 points, and was 1.4 points higher than a year ago.

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