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Global composite leading indicators (CLIs) for August 2011, designed to anticipate turning points in economic activity relative to trend, continue to point to a downturn in economic activity, the Paris-based Organization for Economic Cooperation and Development (OECD) said.

The organization said the slowdown is being felt by the OECD region, the United States, and major non-member economies including the Association of Southeast Asian Nations (ASEAN).

The OECD said the CLI for the OECD area fell 0.5 point in August, the fifth consecutive monthly decline.

CLIs for the United States, Germany, and Russia point more strongly to a slowdown than in last month’s assessment, but are still above 100, indicating that economic activity remains above its long-term trend.

For all other major economies, except Japan, the CLIs are now below 100 pointing strongly to a slowdown in economic activity below long-term trend.

The organization said its Asian Business Cycle Indicators are showing signs of moderation in ASEAN economies. “Global uncertainty casts a shadow over Asian economies with deterioration in business and consumer sentiments and a negative reaction in financial markets,” the OECD said, but added that the impact of global uncertainty in the region remained limited at this time.

Photo by OECD

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