OECD leading indicator for G7 falls in July

The outlook for economic growth in the Group of Seven leading industrial nations is weakening and expansion in OECD member countries should continue at a cooler pace, an OECD report said on Friday.
The Paris-based Organisation for Economic Cooperation and Development said its composite leading indicator (CLI) for the G7 area fell to 106.2 in July from a downwardly revised 106.4 in June. A less volatile measure, the six-month rate of expansion, also fell for the G7, to 1.9 in July from a downwardly revised 2.5 in June.
"July 2007 data show weakening performance in the CLI's six month rate of change in all the major seven economies," the OECD said. The report also highlighted a downturn in figures from Japan, which saw its six-month rate of change drop to minus 2.1 in July from a downwardly revised minus 0.8 in June.
The leading indictor for Japan fell to 105.4 from a downwardly revised 106.2. The survey also pointed to cooling expansion in China and Brazil, but an improved outlook for India and Russia.