The OECD composite leading indicators for January 2009 continue to point to a weakening outlook for all the major seven economies, with the OECD total falling again to a new low and little clear indication of stabilization soon. The outlook has also continued to deteriorate in the major non-OECD member economies, particularly Brazil, which now joins China, India and Russia, in the strong slowdown group.

The CLI for the OECD area decreased by 0.9 point in January 2009 and was 9.1 points lower than in January 2008. The CLI for the United States fell by 1.4 point in January and was 10.8 points lower than a year ago. The Euro area’s CLI decreased by 0.6 point in January and stood 8.4 points lower than a year ago. In January, the CLI for Japan decreased by 1.5 point, and was 9.6 points lower than a year ago.

The CLI for the United Kingdom fell by 0.3 point in January 2009 and was 6.7 points lower than a year ago. The CLI for Canada decreased by 1.0 point in January and was 8.6 points lower than a year ago. For France, the CLI decreased by 0.2 point in January and was 5.2 points lower than a year ago. The CLI for Germany fell by 1.2 point in January and was 12.7 points lower than a year ago. For Italy, the CLI fell by 0.1 point in January and stood 5.3 points lower than a year ago.

The CLI for China decreased 2.1 points in January 2009 and was 14.8 points lower than a year ago. The CLI for India fell by 1.0 point in January 2009 and was 9.6 points lower than in January 2008. The CLI for Russia decreased by 3.3 points in January and was 19.4 points lower than a year ago. In January 2009 the CLI for Brazil decreased by 2.7 points and was 10.1 points lower than a year ago.