Canada November Composite Leading Indicators (Text)
Following is the text of Canada's leading indicators report from Statistics Canada.
The composite index rose 0.3% in November, the same as in October. Among the 10 components, 6 posted gains, 3 were unchanged and 1 declined.
The housing index recorded the largest turnaround, increasing 2.0% after six straight declines averaging almost 3% a month. Both housing starts and existing home sales firmed after sizable retreats from their highs in the spring. The upturn in housing was reflected in a levelling off of furniture and appliance sales, after four straight declines. Spending on other durable goods continued to advance steadily.
Manufacturing demand continued to improve slowly. New orders rose 0.7%, as gains for investment goods offset a slowdown for autos. The ratio of shipments to inventories was unchanged at 1.93 for the third straight month, as the growth of inventories has caught up to the recovery of sales. However, manufacturers remained focused on raising productivity and not labour inputs. The average workweek equalled its lowest level over the past year, and employment has not begun to recover.
Elsewhere, the Toronto stock market continued to trend up with a 2.8% gain in November, driven by the strength in commodity prices. The US leading indicator again rose slowly, up 0.2%.
To contact the reporter on this story: Ilan Kolet in Ottawa at ikolet@bloomberg.net
To contact the editor responsible for this story: Marco Babic at mbabic@bloomberg.net
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