Growth momentum in most major economies is stable although Germany is showing signs of losing steam and Japan's prospects for economic expansion are souring, the OECD said on Monday.
The Paris-based Organization for Economic Cooperation and Development said its leading indicator covering 33 member countries edged down slightly in July from the previous month to 100.49, above its long-term average of 100.
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The indicator, designed to flag turning points in the economic cycle, suggested there was "stable growth momentum" in the bloc of mostly wealthy developed nations, the OECD said. The indicator has been close to or at 100.50 since November 2013.
But the OECD reiterated that Germany, Europe's biggest economy, was losing steam as its indicator dropped to 99.98 in July from 100.24 the previous month while growth momentum in Japan also fell to 99.86 from 100.12 in June.
In the United States, the indicator improved to 100.62 from 100.56 in June - its fifth consecutive month of improvement - while Canada's rose to 100.02 from 99.97 and Italy inched upward to 101.54 from 101.53 in June.
Among major emerging economies, the indicator for China eased slightly to 99.08 from 98.99 the previous month, while India's prospects improved for the eighth consecutive month and Russia's rose to 100.33 from 100.21 the previous month.
The OECD said the euro area showed stable growth momentum, with the reading slightly weaker at 100.83. (Reporting By Nicholas Vinocur; Editing by Toby Chopra)