CLIs show more signals of moderating growth

There are stronger indications of moderating growth in several major economies according to the latest OECD Composite Leading Indicators (CLIs), which use indicators such as order books and confidence surveys to provide early signals of turning points in the business cycle.

In Canada, Germany, Italy and the UK, CLIs have passed a turning point in economic activity and now point to moderating growth momentum, while in France they point to stable growth around the long-term trend. Those in the US, Japan and the Euro Area as a whole, they have also passed a cyclical peak, but remain relatively stable. CLIs for China, India and Brazil also point to a loss of growth momentum.

Higher-than-usual fluctuations in CLI and its components may be expected to persist as ongoing uncertainties emanating from the COVID-19 pandemic could continue to weigh down on economic activity.

> What are the OECD Composite Leading Indicators?

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