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Composite leading indicators (CLIs), designed to anticipate turning points in economic activity relative to trend six to nine months ahead, continue to point to easing growth momentum in most major economies. Easing growth momentum remains the assessment for the United States, Canada, the euro area as a whole,

including Germany, France and Italy, and theUnited Kingdom. In Japan, the CLI continues to anticipate stable growth momentum.

Among major emerging economies, the CLI continues to indicate easing growth momentum for Russia with similar signs now emerging for the industrial sector in China, led by the slowdown in the production of motor vehicles. Stable growth momentum remains the assessment for India while in Brazil signs of growth regaining momentum have now emerged, driven primarily by higher confidence in the services sector.