The Organization for Economic Cooperation and Development reports that the Composite Leading Indicator for the OECD area increased by 0.9 points in February 2002 to 115.3 from 114.4 in January. At the same time, the six-month rate of change improved for the fifth consecutive month.

The CLI for the U.S. increased by 1.9 points in February and its six-month rate of change has now improved for four consecutive months. The CLI for the Euro area increased by 0.5 point in February. The area’s six-month rate of change improved for five consecutive months. The CLI for Japan decreased by 0.3 point in February and its six-month rate of change deteriorated for the first time in 6 months.

The CLI for the United Kingdom increased by 1.5 points in February and its six-month rate of change improved for three consecutive months. The CLI for Canada increased by 0.6 point in February and its six-month rate of change has improved since February 2001. The CLI for Germany decreased by 0.1 point in February but its six-month rate of change improved. Finally, the CLIs for France and Italy increased in February, as did their six-month rates of change.

The OECD uses the six-month rate of change of the CLI as its preferred pointer to possible turning points.