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OECD sees slowdowns deepening in India, China

PARIS (Reuters) - China and India have entered more marked economic slowdowns while growth continues to moderate in most major industrial economies, the OECD said on Monday.

The Paris-based economic think-tank said its composite leading indicator for China, which provides a measure of future economic activity, eased to 99.2 in May from 99.4 in April, slipping further away from the long-term average of 100.

For India, the indicator fell to 97.8 from 98.0, also below the long-term average of 100.

"Composite leading indicators ... point to an easing of economic activity in most major OECD economies and a more marked slowdown in most major non-OECD economies," the Organisation for Economic Cooperation and Development.

The overall indicator for OECD countries, covering 33 countries, eased to 100.3 from 100.4, a level consistent with moderating growth.

The index for the euro area held steady at 99.6 for the third month in a row, a level indicating a slowdown.

The United States remained in growth territory with a reading of 100.9, though that was down from 101.1 in April. Japan saw its indicator ease to 100.7 from 100.8.

Outside the OECD, Brazil was alone in seeing activity pick up with a rise to 99.2 from 99.0.

(Reporting by Leigh Thomas. Editing by Jeremy Gaunt.)