The poverty of non-recovery recovery...
OECD Leading indicators numbers are out and we have... 100.7 current (barely any growth) against 100.6 prior (barely any growth)... In other words, things are going nowhere fast:
- Japan beats OECD trend at 101.1 but a weak expansion on prior 101.0
- Euro area 100.7 same as OECD average, on 100.6 prior (weak expansion) and ditto for Germany which is now under-performing regional at 100.5 up on 100.4 prior. France - the 'laggard' before - is still a drag: 100.1 current on 99.8 prior.
- US 100.8 against 100.9 prior (so slower, but still slightly ahead of OECD average)
- UK 101.3 (ahead of OECD average) compared to 101.1 prior
- In contrast, two BRICs: China 99.4 on 99.2 prior - anaemic, and India 96.7 on 96.9 prior - weak.
So all in - tough conditions remain, but at least OECD is above 100...
Euro area set: