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

The CLI for the OECD area decreased by 0.6 point in June 2008 and was 5.0 points lower than in June 2007. The CLI for the United States fell by 0.2 point in June and was 5.4 points lower than a year ago. The Euro area’s CLI decreased by 0.8 point in June and stood 5.2 points lower than a year ago. In June, the CLI for Japan stayed unchanged, but was 4.1 points lower than a year ago.

The CLI for the United Kingdom fell by 0.8 point in June 2008 and was 4.8 points lower than a year ago. The CLI for Canada decreased by 1.1 point in June and was 3.9 points lower than a year ago. For France, the CLI decreased by 0.9 point in June and was 5.1 points lower than a year ago. The CLI for Germany fell by 0.9 point in June and was 5.4 points lower than a year ago. For Italy, the CLI fell by 0.7 point in June and stood 4.5 points lower than a year ago.

The CLI for China remained unchanged in June 2008 and was 0.8 point higher than a year ago. The CLI for India fell by 1.5 point in May 2008 and was 4.4 points lower than in May 2007. The CLI for Russia decreased by 1.2 point in May, but its level was 0.9 point higher than a year ago. In June 2008 the CLI for Brazil increased by 2.2 points, and it was 1.4 point higher than a year ago.