Steady expansion in China, India, Brazil, but Canada is only 'big seven economy' to experience growth based on CLIs

The latest composite leading indicators (CLIs) suggest that a moderate downturn in economic activity lies ahead in the OECD (Organisation for Economic Cooperation and Development) area.

October 2007 data indicate a weakening outlook for all the big seven economies.

The latest data for major OECD non-member economies point to continued steady expansion in China, India and Brazil but a weakening outlook for Russia.

Highlights include:

The CLI for the OECD area decreased by 0.5 point in October and is 2.0 points lower than a year ago.

The CLI for the United States fell by 0.6 point in October and it is 0.5 point lower than a year ago.

The Euro area's CLI decreased by 0.1 point in October and stands 1.9 point lower than a year ago.

In October 2007, the CLI for Japan fell by 1.6 point, and indicates a strong slowdown (8.5 points lower than a year ago).

The CLI for the United Kingdom decreased by 0.1 point in October and it stands at the same level as a year ago.

The CLI for Canada was unchanged in October and is 1.7 point higher than a year ago.

For France, the CLI decreased by 0.1 point in October and is 1.2 point lower than a year ago.

The CLI for Germany fell by 0.4 point in October and is 3.0 points lower than a year ago.

For Italy the CLI increased by 0.2 point October but it stands 2.1 points lower than a year ago.

The CLI for China increased by 0.2 point in October 2007 and stands 3.6 points higher than a year ago.

The CLI for India rose by 0.8 point in September and is 0.9 point higher than a year ago.

The CLI for Russia fell by 0.4 point in October 2007, and its level is 1.7 point lower than a year ago.

In September 2007 the CLI for Brazil rose by a revised 0.8 point and stands 4.3 points higher than a year ago.