Composite leading indicators (CLIs), designed to anticipate turning points in economic activity relative to trend six to nine months ahead, continue to anticipate stable growth momentum in the OECD area as a whole.  Among large European economies, the CLI for Germany points to easing growth momentum.  In France, Italy and the

euro area as a whole, the CLIs confirm the signs of easing growth momentum flagged in last month’s assessment. Continued weakening of growth momentum is anticipated in the United Kingdom.  Among other OECD economies, signs of easing growth momentum are now also emerging in Japan and Canada, but stable growth momentum remains the assessment for the United States and most other OECD countries.

Amongst major emerging economies, the CLI for Russia points to stabilising growth momentum. Growth gaining momentum continues to be the outlook for Indiaand Brazil with similar signs now emerging for the industrial sector in China.