Composite leading indicators (CLIs), designed to anticipate turning points in economic activity relative to trend, signal improvements in growth in most major OECD countries and also possibly in China.
The CLIs point to economic growth above trend in Japan,and to growth firming in the United Kingdom. The CLI for Canada indicates a positive change in momentum. In the United States, the CLI points to growth around trend.
In the Euro Area as a whole, the CLI continues to indicate a gain in growth momentum. In Germany, the CLI points to growth firming, whereas the CLI for Italy and for France continue to signal positive changes in momentum.
In the emerging economies, the CLIs point to a tentative positive change in momentumin China,and to growth around trend in Russia. In Brazil and in India, the CLIs continue to signal growth below trend rates.
