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The OECD said composite leading indicators (CLIs) for April 2009 point to "a reduced pace of deterioration in most of the OECD economies with stronger signals of a possible trough in Canada, France, Italy and the UK".

CLI for the 29 countries in the OECD area increased by 0.5 points in April, but were 8.3 points lower than in April 2008.

The CLI index for the UK increased by 0.7 points in April, but was 4.2 points lower than a year ago.

The indicators for the US increased by 0.2 points in April, but 10.8 points lower than a year ago.

In the Euro area, leading indicators increased by 0.8 points in April, but stood 6.3 points lower than a year ago.

For France, the CLI increased by 1.2 points in April, but was 1.2 point lower than a year ago.

For Germany, it increased by 0.1 point in April, but was 13.4 points lower than a year ago.

For Italy, the CLI increased by 2.1 points in April, but stood 0.6 point lower than a year ago.

Despite the easing, the OECD said it is still "too early to assess whether it is a temporary or a more durable turning point".