The CLI for the United States was unchanged in July and its six-month rate of change decreased for the first time after a sequence of increases over the previous six months. The Euro area’s CLI decreased by 0.2 point in July and its six-month rate of change has a downward trend since June 2006. In July 2007, the CLI for Japan fell by 0.8 point and its six-month rate of change has a downward trend since April 2006.
The CLI for the United Kingdom decreased by 0.3 point in July and its six-month rate of change also decreased following improvements since March 2007. The CLI for Canada decreased by 0.1 point in July and its six-month rate of change decreased for the second month in a row following an upward trend since October 2006. For France, the CLI rose by 0.1 point in July and its six-month rate of change has an upward trend since February 2007. The CLI for Germany fell by 0.4 point in July and its six-month rate of change also decreased. For Italy the CLI fell by 0.4 point in July while its six-month rate of change has had a downward trend since July 2006.
The CLI for China rose 2.1 points in July 2007 and its six-month rate of change continues to stay above long term growth rate level. The CLI for India increased 2.6 points in June and its six-month rate of change was up for the second month in a row. The CLI for Russia rose by 0.6 points in July 2007. Its six-month rate of change has also increased for five consecutive months. In July 2007 the CLI for Brazil stayed unchanged and its six-month rate of change decreased following an upward trend since February 2007.
