According to figures released Friday by the Organization For Economic Co-operation and Development (OECD), composite leading indicators (CLIs) show "signs of improvement in the economic outlook" for the world's leading economies, most notably, "stronger recovery signals in Italy and France and clearer signals of troughs in Canada, Germany, the United Kingdom and the United States." CLIs for the entire OECD area rose 1.2 points in June 2009, however, they still remained 5 points below June 2008 levels. The leading indicator for the U.S. rose to 93.9 from 92.7, its fourth straight monthly increase, while the leading indicator for the Euro zone rose to 98.7 from 97.2, and the leading indicator for Japan rose to 89.5 from 89.2.

The OECD's CLIs are designed to provide early signals of turning points between the expansion and slowdown of economic activity, and are based on a wide variety of data that has a history of indicating swings in future economic activity. The next publication of OECD CLIs will be on September 11, 2009.