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The latest leading indicator readings are signalling a gloomier growth outlook in most major economies, according to the Organization for Economic Cooperation and Development (OECD).

The OECD’s composite leading indicators (CLIs) — which aim to capture turning points in economic activity with forward-looking indicators such as order books, building permits and confidence gauges — indicate that the outlook for the next six to nine months is deteriorating.

“Dragged down by historically high inflation, low consumer confidence and declining share price indices, the CLIs remain below trend and continue to anticipate a loss of growth momentum in most large OECD economies,” the Paris-based group said in a release.

Leading indicators point to weakening outlooks for Canada, the U.S., the U.K. and Europe, the OECD said.

A notable exception is Japan, where the CLI points to stable growth.

The OECD said that for the major emerging market economies, the CLI for China is declining, but that this appears to be stabilizing.

For India, the indicator signals stable growth and Brazil is facing slower growth.