OECD composite leading indicators (CLIs) for October 2008 continue to point to a weakening outlook for all the major seven economies but compared to last month the outlook has significantly deteriorated in the major non-OECD member economies, with China, India and Russia now also facing strong slowdowns.

The CLI for the OECD area decreased by 1.0 point in October 2008 and was 5.9 points lower than in October 2007. The CLI for the United States fell by 1.2 point in October and was 6.6 points lower than a year ago. The Euro area’s CLI decreased by 0.9 point in October and stood 6.3 points lower than a year ago. In October, the CLI for Japan decreased by 0.9 point, and was 3.3 points lower than a year ago.

The CLI for the United Kingdom fell by 0.9 point in October 2008 and was 6.5 points lower than a year ago. The CLI for Canada decreased by 1.0 point in October and was 4.9 points lower than a year ago. For France, the CLI decreased by 0.7 point in October and was 5.6 points lower than a year ago. The CLI for Germany fell by 1.6 point in October and was 8.3 points lower than a year ago. For Italy, the CLI fell by 0.1 point in October and stood 4.1 points lower than a year ago.

The CLI for China decreased 1.7 point in October 2008 and was 7.0 points lower than a year ago. The CLI for India fell by 1.1 point in October 2008 and was 6.6 points lower than in October 2007. The CLI for Russia decreased by 4.0 points in October and was 10.5 points lower than a year ago. In October 2008 the CLI for Brazil decreased by 0.3 point and was 0.4 point lower than a year ago.