OECD Leading Index Hits 30-Year High in March

The OECD released data today showing that its Composite Leading Indicator Index for 29 member countries came close to reaching a 31-year high in March (see chart above, data here). Having increased now for 13 consecutive months starting in March of last year, the OECD Composite Leading Indicators reached 103.9 in March of this year, the highest reading since April 1979, almost 31 years ago.

Although there were monthly declines reported for some non-OECD countries like China and Brazil, and small monthly declines in OECD members Greece, Mexico, New Zealand and South Korea, a flat index for France, with almost all other leading indexes showing continued improvements in March including the overall OECD total (see graph above), 24 of the 29 individual OECD countries including the U.S. and Canada, 18 of the 20 European countries, the Euro area as a group, the G7 countries, NAFTA members, and the non-OECD countries India, Russia, Indonesia and South Africa.

Overall, this is a very positive report, and further strengthens the evidence that the broad-based global V-shaped economic recovery currently underway will continue into the future.