The latest composite leading indicators (CLIs) suggest that continued moderate economic expansion lies ahead in the OECD area. April 2007 data show improved performance in the CLI’s six month rate of change in the United States, Canada, France and the United Kingdom, while a downward trend is still apparent in Japan, Germany and Italy. The latest data for major OECD non-member economies point to continued steady expansion in China, India and Brazil, but a slightly weaker outlook for Russia.