OECD indicator shows G7 growth may have peaked

PARIS (Reuters) - Growth rates in the world's leading economies may have peaked, the OECD said on Monday in its latest monthly economic overview, pointing to continued slowdowns in the euro zone and in China.

The Organization for Economic Co-operation and Development said its June composite leading indicator (CLI) for 33 member countries eased for the third straight month, to 102.2 from 102.5 in May.

The indicators for the OECD area as well as the G7 group of industrialized nations -- Britain, Canada, France, Germany, Italy, Japan and the United States pointed to a possible peak in activity, it said.

"Compared to last month's assessment, stronger signs of turning points in growth cycles have emerged in the United States, Japan and Russia," wrote the OECD.

For the euro area, the CLI fell to 101.5 from 102.1, while the G7 declined to 102.7 from 103.0.

The indicator for the United States, whose credit rating was downgraded by S&P last week, fell slightly to 103.1 from 103.3, while Japan's indicator fell to 103.6 from 103.8 in May.

It cited slowdowns in economic activity in Canada, France, Italy, Germany, Britain, Brazil, China and India, with all those countries posting declines in their individual CLIs.

The OECD cited a peak in Russia's CLI in June, which fell to 103.2 from 103.6 in May.

The historic U.S. credit rating downgrade, together with a spiraling debt crisis in the euro zone has raised fears of a dip back into recession globally.(Reporting by Alexandria Sage; editing by Patrick Graham)