The latest economic gauge from the OECD gave a further indication today a global upturn is near, although it seems the euro zone will lag the United States.
The think-tank's monthly early warning indicator for July showed economic prospects improving significantly in the United States and Japan, and picking up in the euro zone - with the outlook for recession-hit Germany brightening considerably.
The figures are line with other data this week suggesting the euro zone will escape stagnation, barring Italy, as the United States and newly robust Japan power ahead.
The forward-looking leading indicator compiled monthly by the OECD came in at 134.1 for the United States in July, up from 132.4 in June and the fourth consecutive monthly rise. Another OECD measure, its six-month rate of change, aimed at giving an early signal of peak or troughs, showed a substantial rise for the United States for the fourth consecutive month.
"Moderate to strong recovery lies ahead in the OECD area and the United States," the OECD said.
The 12-member euro zone is having a shaky year. As well as Germany - its main economic motor, Italy and The Netherlands are also in technical recession, and France registered negative growth in the second quarter.