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March 18, 2013

OECD CLI shows diverging growth patterns, ACC report says

Scott Jenkins

The composite leading indicator (CLI) for January 2013, the most recent available, released by the Organization for Economic Cooperation and Development (OECD; Paris, France; showed a divergent growth pattern in the world’s major economies, according to the latest Weekly Chemistry and Economic Report from the American Chemistry Council (ACC; Washington, D.C.;
While the CLI for some of the OECD economies signals accelerating growth, the CLI for others points to slowdowns. For example, the ACC report points out that CLIs for the U.S. and Japan “continue to point to economic growth firming,” and in the Euro area, particularly in Germany, the CLIs point to a “pick-up in growth.” But in Canada, the CLI continues to point to weak growth, the ACC report says. “In China, India and, to a lesser degree, Brazil, the CLIs point to growth below trend,” the report adds.
The OECD CLI is designed to provide early signals of turning points between expansions and slowdowns of economic activity.
In other economic data discussed in the ACC report, the U.S. Federal Reserve says that industrial production grew 0.7% in February, to 99.5% of its average 2007 level. “This is the highest reading since the recession, and follows upwardly revised flat growth in January,” the ACC said. Overall production in the business of chemistry rose 0.3%, to 88.9% of its 2007 average, the ACC added.
The ACC report also mentioned data from the U.S. Bureau of Labor Statistics that indicate that producer prices increase 0.7% in February.

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