The Organization for Economic Co-operation and Development (OECD) composite leading indicator (CLI) for June and other data “continue to point to an easing of economic activity” in most major OECD economies and slowdowns in most major non-OECD economies,” according to the latest Weekly Chemistry and Economic Report from the American Chemistry Council (ACC; Washington, D.C.; www.americanchemistry.com).
The June CLIs for China and India continued to point to a slowdown, and that for Russia suggest that country may be headed toward a slowdown, the ACC report said. Brazil, on the other hand, appeared to be set for a moderate pick-up in economic activity. The OECD CLI is designed to provide early signals of turning points between expansions and slowdowns in economic activity. The reading for the OECD countries plus Brazil, China, India, Indonesia, Russian Federation and South Africa showed a 0.1% decline in June, the ACC report said. It was the third consecutive monthly decline.