The Index of Leading Indicators for the Major Seven OECD Countries suggested further economic growth with a 0.3% gain in March and a 0.3% February rise which was revised from the initial 0.1% uptick. March marked the twelfth consecutive monthly gain.

Six-month growth in the leading index continued at 7.2% versus the high of 8.1% in December.

Leaders in Japan surged 0.6% in March following no change in February. That lifted the six-month growth rate to 3.7%, the strongest since early 2000.

The leading index for the European Union also was strong showing a third consecutive 0.4% rise in March. The six month growth rate moved to 6.2%, near the cycle high.

Spain posted the strongest monthly increase since 1991. The 1.4% gain lifted six month to 5.2%, the highest in a year. The leaders in Italy jumped the most for any one month in over two years with a 0.6% gain. That pulled the six month growth rate to a respectable 2.7%. New orders have firmed and consumer confidence may have bottomed.

Leaders in Germany added 0.2% to an upwardly revised 0.1% uptick in February but the six-month growth rate fell to 7.08%. In France the leading index ticked up 0.1% following an upwardly revised 0.6% February gain. The six-month growth rate remained firm at 7.8%. Leaders in the UK were unchanged in March following two successive 0.4% gains. The six month growth rate remained firm at 4.2%.

In Canada the leading index fell 0.1% and the six-month growth dipped to 6.9% as share prices fell with consumer sentiment. Leading indicators in the United States rose just 0.2% but February was revised to 0.5% from 0.1% and the six-month growth rate remained firm at 10.1%.

Visit the OECD's website at this website.

Analysis from 2003 of inflation in OECD countries done by the US Federal Reserve Board can be found here.