Composite leading indicators (CLIs) for July 2011, continue to point to a slowdown in economic activity in most OECD countries and major non-member economies. The CLI for the OECD area fell 0.5 point in July; the fourth consecutive monthly decline. Compared to last month’s assessment, the CLIs for Canada, France, Germany, Italy, the United Kingdom, Brazil, China and India are pointing more strongly to a slowdown in economic activity. The CLIs for the United States and Russia are now also pointing more clearly to a slowdown in economic activity than in last month’s assessment. The outlook for Japan continues to indicate a potential turning-point in economic activity.