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Most major economies still in slowdown mode

The OECD has just published its latest growth forecasts, and the outlook is not great.

Composite leading indicators (CLIs), designed to anticipate turning points in economic activity relative to trend, continue pointing to a slowdown in activity in most OECD countries and major non-member economies.

The assessment is little changed compared to last month for most countries. The CLI for China has deteriorated since last month and is pointing to a slowdown in economic activity towards long-term trend. For other major economies and the Euro area, the CLIs continue pointing to slowdowns.

No sign of take off yet for UK economy

The only good news is that the CLIs for Japan, United States and Russia are showing stronger signs of a positive change in momentum and remain above long-term trend.

The US also announced very positive job figures last week. Unemployment is at its lowest level since February 2009 and 212,000 net jobs were added in December. However, the meltdown in the eurozone and the slowing of the Chinese economy do not augur well for the UK’s prospects.

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Posted in economic growth, Japan, OECD, UK economy

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