Growth in most of the world's major economies is likely to slow further, according to a leading indicator for November published by the Organisation for Economic Cooperation and Development (OECD) on Thursday.
The OECD said its monthly indicator pointed to more slowing in the mostly industrialised OECD area, the 17-nation euro area and the top five Asian economies as a whole, although it showed hints of a turn for the better in Japan, the United States and Russia.
The assessment is little changed compared to last month for most countries, but the CLIs (composite leading indicators) for Japan, the United States and Russia are showing stronger signs of a positive change in momentum and remain above long-term trend, the Paris-based OECD said.
The CLI for China has deteriorated since last month and is pointing to a slowdown in economic activity towards long-term trend, it said. For other major economies and the euro area, the CLIs continue pointing to slowdowns.
In numbers, the indicator reading, a synthetic index that aims to capture the likely future trend in gross domestic product, eased marginally in November in most countries and country groupings that the OECD reviews.
For the OECD as a whole, the index dipped 0.1 points to 100.1, leaving it marginally above a long-term average represented by a figure of 100 in the OECD statistics.
Within the euro zone, where the index dipped to 98.3 from 98.7, one of the more significant drops was in Germany, down 0.8 points at 97.9, slipping further from the long-term average.
China dipped 0.1 points to 100.0, while an Asian aggregate grouping the five economies of China, India, Indonesia, Japan and South Korea dipped 0.2 points to 98.9.
(Reporting by Brian Love)