OECD composite leading indicators (CLIs) for August 2008 indicate a continued weakening outlook for all the major seven economies. The latest data for major non-OECD member economies tentatively point to expansion in Brazil, a downturn in China and Russia and a slowdown in India.

The CLI for the OECD area decreased by 0.7 point in August 2008 and was 4.9 points lower than in August 2007. The CLI for the United States fell by 0.5 point in August and was 5.3 points lower than a year ago. The Euro area’s CLI decreased by 1.0 point in August and stood 6.4 points lower than a year ago. In August, the CLI for Japan decreased by 0.9 point, and was 2.8 points lower than a year ago.

The CLI for the United Kingdom fell by 1.1 point in August 2008 and was 6.1 points lower than a year ago. The CLI for Canada decreased by 1.5 point in August and was 4.7 points lower than a year ago. For France, the CLI decreased by 0.8 point in August and was 5.6 points lower than a year ago. The CLI for Germany fell by 2.0 points in August and was 7.6 points lower than a year ago. For Italy, the CLI fell by 0.8 point in August and stood 5.9 points lower than a year ago.

The CLI for China decreased 0.7 point in August 2008 and was 3.1 points lower than a year ago. The CLI for India fell by 1.2 point in July 2008 and was 7.1 points lower than in July 2007. The CLI for Russia decreased by 2.3 points in August and was 0.4 point lower than a year ago. In August 2008 the CLI for Brazil increased by 1.0 point and was 3.4 points higher than a year ago.