OECD composite leading indicators for November 2008 point to deep slowdowns in the major seven economies and in major non-OECD member economies, particularly China, India and Russia.

The CLI for the OECD area decreased by 1.3 point in November 2008 and was 7.3 points lower than in November 2007. The CLI for the United States fell by 1.7 point in November and was 8.7 points lower than a year ago. The Euro area’s CLI decreased by 1.1 point in November and stood 7.6 points lower than a year ago. In November, the CLI for Japan decreased by 1.6 point, and was 5.5 points lower than a year ago.

The CLI for the United Kingdom fell by 0.6 point in November 2008 and was 6.7 points lower than a year ago. The CLI for Canada decreased by 1.2 point in November and was 6.1 points lower than a year ago. For France, the CLI decreased by 0.8 point in November and was 5.7 points lower than a year ago. The CLI for Germany fell by 2.0 points in November and was 10.7 points lower than a year ago. For Italy, the CLI fell by 0.2 point in November and stood 5.0 points lower than a year ago.

The CLI for China decreased 3.1 points in November 2008 and was 12.9 points lower than a year ago. The CLI for India fell by 1.2 point in November 2008 and was 7.6 points lower than in November 2007. The CLI for Russia decreased by 4.3 points in November and was 13.8 points lower than a year ago. In November 2008 the CLI for Brazil decreased by 1.1 point and was 2.9 points lower than a year ago.