OECD sees economic traction in U.S. and Britain

Shoppers are seen outside an Aeropostale store in Time Square in New York, July 27, 2012.

PARIS (Reuters) - Economic growth appears to be gathering traction in the United States and Britain, while China and Italy may be about to turn up, the Organisation for Economic Co-operation and Development said on Monday.

Signals continue to point to weak growth in Germany, France and the euro zone as a whole, however, and likewise in Japan, Russia and Canada, the Paris-based OECD said in a statement on its monthly composite leading indicator (CLI).

The OECD said its October CLI reading for the United States and Britain remained above 100, which represents the long-term average of economic performance, rising respectively to 100.9 and 100.5, from 100.8 and 100.3 in September.

For China, that index rose to 99.6 in October after four months at 99.5, while that of Italy, the third-largest economy in the euro zone, held steady at 99.0.

In a more comprehensive readout on the global economy last month, the OECD said it saw China's economy growing by 7.5 percent this year -- in line with a government target -- before picking up to expand 8.5 percent in 2013.

In Germany and France, the index dipped, respectively to 98.7 from 98.8 and 99.4 from 99.5, while the reading for the euro zone overall dipped to 99.3 from 99.4.

Japan was steady at 100.2, Russia likewise at 99.1, while Canada and Brazil dipped marginally.

"In Brazil, tentative signs have emerged that the positive growth momentum predicted in recent months is dissipating," the OECD said.

"In China and Italy on the other hand signs of turning points in the cycle are beginning to emerge. Tentative signs of a stabilization in growth have also emerged in India."

For India, the OECD's CLI reading rose to 97.3 in October from 97.2 in September.

(Reporting By Brian Love. Editing by Jeremy Gaunt.)