The OECD has joined the parade of economic think tanks saying that the global economy is slowing down. The agency’s May 2012 composite leading indicators for China and India have declined slightly, as has the leading indicator for the OECD as a whole.
The leading indicator for the US now stands at 100.9, down slightly from the 101.1 reading in April, while the 30-nation OECD indicator fell from 100.4 to 100.3. A reading of 100 indicates that the economy is ticking along at the long-term average.
Readings for China and India both fell by 0.2, while the leading indicator for Brazil rose by 0.2. As the OECD describes the results for May:
Composite leading indicators … point to an easing of economic activity in most major OECD economies and a more marked slowdown in most major non-OECD economies. … [Indicators] for Japan, the United States and Russia remain above long term trend but continue to point to dissipating momentum, especially in the case of Russia.
The OECD press release is available here.