Just in case Europe didn’t have you feeling uncertain enough, new data out of the OECD shows slowing global growth. The latest release (pdf) of leading indicators shows broad weakness:
Composite leading indicators (CLIs) for July 2011, designed to anticipate turning points in economic activity
relative to trend, continue to point to a slowdown in economic activity in most OECD countries and major nonmember economies. The CLI for the OECD area fell 0.5 point in July; the fourth consecutive monthly decline.
Compared to last month’s assessment, the CLIs for Canada, France, Germany, Italy, the United Kingdom,
Brazil, China and India are pointing more strongly to a slowdown in economic activity. The CLIs for the
United States and Russia are now also pointing more clearly to a slowdown in economic activity than in
last month’s assessment.
The outlook for Japan continues to indicate a potential turning-point in economic activity.