Long abstract

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The latest composite leading indicators (CLIs) suggest that continued economic expansion lies ahead in the OECD area. November 2006 data show weakening performance in the CLI’s six month rate of change in the Euro area and the United States, but improved performance in Canada and Japan. The spreads between short- and long-term interest rate are contributing negatively to the performance of the CLIs in all the major seven economies, while business confidence is contributing positively in the Euro area and the United States and negatively in Canada. The latest data for major OECD non-member economies point to a weakening outlook for Brazil and Russia and strong growth in China and India.