A new report says that most of the world's major economies are likely to slow further, but that U.S., Japanese and Russian economic fortunes are showing signs of improving.

The Paris-based Organization for Economic Cooperation and Development said Thursday that the leading economic indicators for China show that the world's second largest economy have dropped in the last month and point to a slowdown.  OECD also said it recorded a decline in India, Indonesia, Japan and South Korea.

The 34-nation group, representing some of the world's largest economies, found falling economic fortunes in the 17-nation European bloc that uses the common euro currency, including in Germany, with Europe's most robust economy. Europe has been struggling to cope with a two-year governmental debt crisis.

But OECD said the economies in the U.S., the world's largest, Japan and Russia are "showing stronger signs of a positive change in momentum."