The latest composite leading indicators (CLIs) suggest that some moderation in economic expansion lies ahead in the OECD area. Although March 2007 data show slightly improved performance in the CLI’s six month rate of change in the United States, United Kingdom and Italy, a downward trend is still apparent in most of the Major Seven economies. The latest data for major OECD non-member economies point to accelerating expansion in China, steady expansion in India and Brazil, but a weaker outlook for Russia.