OECD composite leading indicators (CLIs) for July 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 China, Brazil and Russia and a downturn in India.

The CLI for the OECD area decreased by 0.7 point in July 2008 and was 5.2 points lower than in July 2007. The CLI for the United States fell by 0.2 point in July and was 5.0 points lower than a year ago. The Euro area’s CLI decreased by 1.2 point in July and stood 6.0 points lower than a year ago. In July, the CLI for Japan decreased by 0.5, and was 3.4 points lower than a year ago.

The CLI for the United Kingdom fell by 0.9 point in July 2008 and was 5.5 points lower than a year ago. The CLI for Canada decreased by 1.5 point in July and was 5.0 points lower than a year ago. For France, the CLI decreased by 1.1 point in July and was 6.0 points lower than a year ago. The CLI for Germany fell by 1.5 point in July and was 6.7 points lower than a year ago. For Italy, the CLI fell by 1.9 point in July and stood 5.9 points lower than a year ago.

The CLI for China decreased 1.3 point in July 2008 and was 1.4 point lower than a year ago. The CLI for India fell by 1.5 point in June 2008 and was 5.5 points lower than in June 2007. The CLI for Russia increased by 1.8 point in June and was 5.0 points higher than a year ago. In July 2008 the CLI for Brazil increased by 1.4 point and was 2.3 point higher than a year ago.