The annualised 6-month rate of change of OECD composite leading indicators (CLIs) is calculated by dividing the figure for a given month m by the 12-month moving average centred on m-6.5. It is easier for users to interpret the annualised 6-month rate of change since the volatility in the CLI has been smoothed out. At the same time, the annualised 6-month rate of change provides earlier signals for the turning points.