Friday, the Organization for Economic Co-operation and Development said its composite leading indicator, or CLI, for the OECD area dropped to 92 in February from 92.7 last month.

The indicator for Euro area dropped 0.2 points to 93.8, while that for Japan slid 1.5 points. The CLI for U.S. stood at 89.9, down from 91 in January.

The composite leading indicator continued to point to a deep slowdown for all the major seven economies. Although some tentative signs of improvement in the rate of deterioration in the outlook are appearing in some countries, noticeably Italy, France and in some of the smaller OECD countries, the emphasis on 'tentative' cannot be overstated, the OECD said.

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