The recession in the developed world is showing signs of bottoming out, according to the latest indicators from the Organisation for Economic Co-Operation and Development (OECD).
Although the signals remain tentative, the OECD says its composite leading indicators (CLIs) for April show that most of the OECD economies have hit the bottom.
The indicators were particularly obvious in Canada, France, Italy and Britain. Positive signals, albeit weaker, were also emerging in Germany, Japan and America, the OECD says. With the exception of China and India, major non-OECD countries still face deteriorating conditions.
The CLI for the OECD area increased by 0.5 points but was still 8.3 points lower than in April last year. The eurozones CLI increased by 0.8 points, which is 6.3 points lower than a year ago.
Britains CLI score increased by 0.7 points in April (4.2 points lower than in a year ago). In Germany, the CLI increased by 0.1 points (13.4 points lower). Frances indicator increased by 1.2 points (1.2 points lower) and Italys by 2.1 points (0.6 points lower).
The CLI for Japan was 0.1 points higher in April, but 11.9 points lower than last year. In Canada, the corresponding scores were 0.4 points higher and 7.6 points lower. The CLI for China increased 0.9 points (8.3 points lower) and Indias increased by 0.4 points (7.9 points lower).
Russias CLI decreased by 0.3 points (21.3 points lower) and Brazils decreased by 0.7 points (12.8 points lower).