OECD sees economic traction in U.S. and Britain

PARIS Mon Dec 10, 2012 5:27pm IST

1 of 2. Job applicants listen to a presentation prior to the opening of a job fair for veterans and their spouses held by the U.S. Chamber of Commerce and the Washington Nationals baseball club at Nationals Park in Washington December 5, 2012.

Credit: Reuters/Gary Cameron

Related Topics

PARIS (Reuters) - Economic growth appears to be gathering traction in the United States and Britain, while China and Italy may be about to turn up, the Organisation for Economic Co-operation and Development said on Monday.

Signals continue to point to weak growth in Germany, France and the euro zone as a whole, however, and likewise in Japan, Russia and Canada, the Paris-based OECD said in a statement on its monthly composite leading indicator (CLI).

The OECD said its October CLI reading for the United States and Britain remained above 100, which represents the long-term average of economic performance, rising respectively to 100.9 and 100.5, from 100.8 and 100.3 in September.

For China, that index rose to 99.6 in October after four months at 99.5, while that of Italy, the third-largest economy in the euro zone, held steady at 99.0.

In a more comprehensive readout on the global economy last month, the OECD said it saw China's economy growing by 7.5 percent this year -- in line with a government target -- before picking up to expand 8.5 percent in 2013.

In Germany and France, the index dipped, respectively to 98.7 from 98.8 and 99.4 from 99.5, while the reading for the euro zone overall dipped to 99.3 from 99.4.

Japan was steady at 100.2, Russia likewise at 99.1, while Canada and Brazil dipped marginally.

"In Brazil, tentative signs have emerged that the positive growth momentum predicted in recent months is dissipating," the OECD said.

"In China and Italy on the other hand signs of turning points in the cycle are beginning to emerge. Tentative signs of a stabilisation in growth have also emerged in India."

For India, the OECD's CLI reading rose to 97.3 in October from 97.2 in September.

(Reporting By Brian Love. Editing by Jeremy Gaunt.)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

Popularity Poll

REUTERS SHOWCASE

Record Highs

Record Highs

Nifty touches record high; software stocks gain.  Full Article 

New Adviser

New Adviser

Arvind Subramanian likely to be chief econ adviser.  Full Article 

Pricing Mechanism

Pricing Mechanism

Govt sets up a four-member panel to re-examine gas pricing.  Full Article 

Royalty Rates

Royalty Rates

India to hike iron ore royalty, miners may struggle to pass on extra cost.  Full Article 

Diesel Deregulation

Diesel Deregulation

Oil ministry to seek Cabinet nod on diesel deregulation - sources  Full Article 

Commodities

Commodities

Gold near two-month low; set for weekly drop on interest rate fears  Full Article 

Reuters Exclusive

Reuters Exclusive

Apple iPhone 6 screen snag leaves supply chain scrambling   Full Article 

Helping Regional Mills

Helping Regional Mills

Govt raises sugar import duty to 25 pct from 15 pct.  Full Article 

Curbing Risks

Curbing Risks

RBI to lower ceiling on bank loans to a single corporate group.  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage