The underlying reference series is the index of industrial production for each country. As such, the OECD’s leading economic index, combined with China’s, is perhaps the best proxy for the outlook for commodities, particularly mines and minerals.
Only India and Russia remain below their LT average.
That said, I refer you to yesterday’s post on European consumers who have yet to start spending.
The Paris-based think tank’s composite leading indicator of economic activity in its 30 members rose to 102.3 in November from 101.4 in October.
The leading indicators for each of the Group of Seven largest developed economies, meanwhile, moved above their long-term averages, "implying an expansionary outlook," the OECD said.
Most major economies emerged from recession in the second and third quarters of 2009, and the OECD’s leading indicators suggest the recovery will continue.
Related posts:
- OECD Economies Grew 0.7% in Q1
- Trade Data Underscore Weakness of Recovery
- OECD Leading Indicators Point to Strong Global IP
- CHICAGO FED INDEX SLIPS NEAR DANGEROUS LEVEL
- OECD: Leading Economies’ Growth Slows
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