Every economy monitored by the Organisation for Economic Co-operation and Development (OECD) has been hit by a slowdown, according to the latest figures.
The OECD’s composite leading indicators (CLIs) for Brazil, Canada, China, France, Germany, the remaining eurozone countries, India, Italy and the UK suggest activity dropped below their long-term trends in September.
Furthermore, growth in the economic activity of Japan, Russia and the US slowed during September when compared with long-term trends.
The CLIs are designed to identify turning points in economic activity relative to trend. The indicator of the combined 34 countries in the OECD shows their economic activity contracted by 0.4% month-on-month in September.
Economic forecaster IHS Global Insight singles out the UK’s leading indicator, which fell by 0.8% month-on-month, and says this will strengthen fears that the country is on the brink of another recession.
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