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Leading economic indicators remain elevated, but are softening, according to the OECD.

The OECD said the latest readings for its composite leading indicators (CLIs), which are designed to anticipate turning points in economic activity, suggest that growth “remains at above-trend levels but is moderating” within the OECD area.

In particular, the group said earlier signs of moderating growth have been confirmed in Canada, the U.K., and the Euro area, including Germany and Italy.

For the U.S. and Japan, the OECD said its CLIs “now point to stable growth above trend levels.”

In the major emerging markets, the OECD also is seeing accelerating above-trend growth in China and Russia. The data points to stable, below-trend growth for India, and slowing above-trend growth in Brazil.

“Despite the gradual lifting of Covid-19 containment measures in some countries and the progress of vaccination campaigns, persisting uncertainties might result in higher than usual fluctuations in the CLIs and their components,” the OECD cautioned in a release.