OECD Composite Leading Indicators shows weak performance in May 2005

Slowing activity lies ahead in the OECD area according to the latest composite leading indicators (CLIs). May data showed weakening performance in the CLI’s six month rate of change in each of the Group of seven major economies except the United States and Canada. The CLI for the OECD area in May 2005 was 103.0, unchanged from its value in April. Its six-month rate of change was also stable following four months of declines.

The CLI for the United States rose by 0.1 point in May and its six-month rate of change, while still negative, rose after falling sharply for the previous three months.

The Euro area’s CLI decreased in May by 0.2 point and its six-month rate of change has continued to fall since December 2003.

In May, the CLI for Japan fell sharply by 1.0 point and its six-month rate of change was down for the sixth month in a row.

The CLI for the United Kingdom decreased by 0.4 point in May and its six-month rate of change fell for the seventh consecutive month.

The CLI for Canada rose by 0.4 point in May and its six-month rate of change has risen since February 2005.

The CLI for France decreased by 0.2 point in May and its six-month rate of change has fallen since March 2004.

The CLI for Germany also decreased by 0.2 point in May and its six-month rate of change has shown a downward trend since January 2004.

The CLI for Italy fell by 0.6 point in May and its six-month rate of change was down for the seventh month in a row.

More data and charts in the above link.

Mike Shedlock / Mish/