Industrial lands' indexes spell growth

The leading indexes of the Group of Seven, the world's major industrial nations, point to continued economic growth. The Conference Board, the New York-based business research institute, says in its latest report that while economic growth varies in these key nations, overall expansion is continuing.

The leading index in France is climbing at an annual rate of 9 percent, with rates of 8 percent in both Japan and Italy.

Considerably more moderate growth economic indicators prevail in West Germany (4 percent), the United States and Canada (2 percent each), and Great Britain (1 percent).

``Latest leading-index growth rates,'' says Geoffrey Moore, director of the Columbia University Center for International Business Cycle Research, which compiled the indexes for the Conference Board, ``are running well above long-term trend levels [and] may well foreshadow even more vigorous expansion ahead for the Group of Seven.''

Taiwan leads the overall index, with an annual rate of 14 percent. Australia's index, however, is falling at a 4 percent rate.

Among the Group of Seven, Japan's economic performance growth rate during the latest month, July, indicated a downward trend.

Dr. Moore says that for four years the leading index for the Group of Seven has been signaling expansion, and the group's economic performance index has followed suit, recording continued growth.