Composite leading indicators (CLIs) for July continue to strengthen from the Covid-19 crisis lows across all major
economies, but they remain below long-term trends and at levels lower than those recorded prior to the initial Covid-19
outbreak.
Following their strong increase in June, the pace of improvement in CLIs inevitably slowed in most major economies. In
China, early signs that appeared in June of the CLI returning to levels seen just prior to the crisis have been
reversed.
With uncertainty persisting around the possibility of future mitigation measures, the CLIs should be interpreted with
care. As always, the magnitude of CLI should be regarded as an indication of the strength of the signal rather than as a
measure of the degree of growth in the economic activity.
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The above graphs show country specific composite leading indicators (CLIs). Turning points of CLIs tend to precede
turning points in economic activity relative to trend by approximately six months. The horizontal line at 100 represents
the trend of economic activity. Shaded triangles mark confirmed turning-points of the CLI. Blank triangles mark
provisional turning-points that may be reversed.