The economic outlook remains poor for major economies though there are growing signs of stabilisation in Canada, China and the United States, the OECD said on Monday. In its latest monthly report on the global economy, the Organisation for Economic Co-operation and Development said its composite leading indicator (CLI) for the 33-nation OECD held steady in September at 100.2 for the third month in a row.
The reading for the United States rose marginally to 100.9 from 100.8 in August, which the OECD said was indicative of growth stabilising in the world's biggest economy. China's reading was steady at 99.4 for the fourth month in a row while Canada's was also unchanged at 99.7.
However, in the euro zone, Germany's outlook deteriorated with its reading slipping to 98.7 in September from 99.0 in August. France, meanwhile, saw its reading slip to 99.5 from 99.6. "Compared to recent months where the CLI has pointed to a deteriorating outlook, tentative signs of stabilisation are also emerging in Italy," the OECD said. Italy's reading rose to 99.0 from 98.9. The OECD's reading for the euro zone as whole was stable in September at 99.4, but that the level still indicated a weak growth outlook. A reading of 100 reflects the long-term average for each country.