Saturday, September 12, 2009

OECD: Global Recession Over

by Bill McBride on 9/12/2009 03:48:00 PM

Just thought everyone would want to know ...

From The Independent: OECD calls an end to the global recession

The global downturn was effectively declared over yesterday, with the Organisation for Economic Co-operation and Development (OECD) revealing that "clear signs of recovery are now visible" in all seven of the leading Western economies, as well as in each of the key "Bric" nations.

The OECD's composite leading indicators suggest that activity is now improving in all of the world's most significant 11 economies – the leading seven, consisting of the US, UK, Germany, Italy, France, Canada and Japan, and the Bric nations of Brazil, Russia, India and China – and in almost every case at a faster pace than previously.
From the OECD: Composite Leading Indicators point to broad economic recovery
OECD composite leading indicators (CLIs) for July 2009 show stronger signs of recovery in most of the OECD economies. Clear signals of recovery are now visible in all major seven economies, in particular in France and Italy, as well as in China, India and Russia. The signs from Brazil, where a trough is emerging, are also more encouraging than in last month’s assessment.
Although there is clear improvement in many countries, the recovery will probably be very choppy and sluggish. And the OECD agrees that unemployment will continue to rise into 2010:
Despite early signs that an economic recovery may be in sight, unemployment is likely to continue rising into 2010.