Prospects for the global economy have improved, according to evidence published today by the Paris-based Organisation for Economic Co-operation and Development (OECD).
Its composite leading indicator (CLI) - an amalgam of economic indices - rose by 0.6 points, from 105.7 in November to 106.3 in December.
The modest rise implies that economic conditions continued to improve to the end of the year across the 23 countries of the OECD. However, performance differed according to country.
The equivalent increase for the United States, one point, compared with a rise of just 0.3 for the euro zone. Within the euro zone, the CLI rose 0.5 points in Germany, but only 0.2 points in France, while it decreased by 0.1 point in Italy.
According to OECD standardised unemployment statistics, also released yesterday, unemployment fell slightly, by 0.1 percentage point to 6.4 per cent in December, but it actually rose in the euro zone. Unemployment is 4.7 per cent in the US, but 8.4 per cent in the euro zone.
In Germany, unemployment was 9.5 per cent in December, up 0.2 percentage points from the preceding month.
Unemployment also rose slightly in the UK, but fell in France and remained unchanged in Italy. Ireland's unemployment rate is 4.3 per cent, according to latest figures, and is one of the lowest rates in the OECD.
The CLI is designed to provide early signals of a turning point in the economy. OECD unemployment statistics are calculated according to international labour organisation guidelines.
