OECD indicator flags more improvement for developed economies
PARIS (Reuters) - The outlook for growth in developed economies improved further in September, with a fledgling recovery "gaining momentum" in the euro zone, the OECD said on Tuesday as it published its monthly indicator of international economic prospects.
The Paris-based Organisation for Economic Cooperation and Development said its leading indicator (CLI) covering 33 member countries pointed to growth in line with its long-term trend.
The indicator, meant to flag early signals of turning points in economic activity, rose to 100.7 in September from 100.6 in August, moving further above the long-term average of 100.
The reading for the United States dipped slightly, to 100.8 in September from 100.9 in the two preceding months, and is now around the trend growth rate, the OECD said.
Likewise, activity remained above trend in Japan with a figure of 101.1 in September after two months at 101.0.
The crisis-weary euro currency zone saw growth gaining momentum, according to the OECD, with a reading of 100.7, up from 100.6 in August, after shifting above the long-term average - 100.0 - in June.
Regional powerhouse Germany's indicator ticked up to 100.5 from 100.4, while France pushed its long-term average, rising to 100.1 in September from 99.8 in August, which the OECD described as a positive change in momentum.
Among the major emerging economies that are not members of the OECD, India's reading eased to 96.7 from 96.9. China's reading rose to 99.4 from 99.2, which the OECD described as a "tentative positive change in momentum".
(Reporting by Brian Love; Editing by James Regan)
