The Organization for Economic Cooperation and Development reports that its Composite Leading Indicator data increased for most countries in the G7 in November 2001 — apart from the U.K. — indicating an improving economic picture.

The CLI for all OECD countries combined increased by 1.1 point in November 2001 to 112 from 110.9 in October. The six-month rate of change, meanwhile, improved for the first time since June. The OECD CLI is designed to provide early signals of turning points between expansions and slowdowns of economic activity. The OECD uses the six-month rate of change of the CLI as its preferred pointer to possible turning points.

The CLI for the U.S. increased by 2 points in November while its six-month rate of change also improved for the first time since June. For Canada, the CLI increased by 2.8 points while the six-month rate of change also improved in November.

The CLI for the euro area increased by 0.7 of a point in November. The area’s six-month rate of change improved for the first time since May. The CLI for France increased by 1.1 point in November and its six-month rate of change has also improved for three consecutive months.

In the U.K., the CLI decreased by 0.3 of a point in November and its six-month rate of change also deteriorated. Finally, the CLIs for Germany and Italy increased in November as did their six-month rates of change.

Even Japan’s indicator increased by 0.4 of a point in November. Japan’s six-month rate of change has improved for three consecutive months.