The Organization for Economic Co-operation and Development reports that the latest composite leading indicator readings point to continued improvement in the economic climate, including signs of a bottom for Canada.

The OECD says that the CLIs for June “point to stronger signs of improvement” in the economic outlook of OECD economies compared with last month’s release. “This is typified by stronger recovery signals in Italy and France and clearer signals of troughs in Canada, Germany, Britain and the United States,” it says.

The OECD also notes that tentative signs of improvement have emerged in Japan, and that troughs can also be observed in China and India, with tentative trough signals now appearing in Brazil and Russia.

The CLI for the OECD area increased by 1.2 points in June, but it remains five points lower than it was in June 2008. In the U.S., the CLI was up 1.3 points in June, but was still 7.2 points lower than a year ago. The Euro area’s CLI increased by 1.5 points, but stood 1.6 points lower than a year ago. For Canada, the indicator increased by a full point, but down 4.8 points compared with a year ago.