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Canada October Composite Leading Indicators (Text)

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Nov. 18 (Bloomberg) -- Following is the text of Canada's leading indicators report from Statistics Canada.

The composite leading index rose 0.2% in October, after a gain of 0.1% in September. In October, 5 of the 10 components increased, the same as the month before, while 4 declined, 1 fewer than in September. Household spending remained the strongest sector of the economy, while manufacturing remained the weakest.

The housing index advanced 1.6%, as the continued increase in housing starts since the spring was reinforced by a rebound in existing home sales in the last two months. Durable goods sales were mixed, with a dip in furniture and appliance sales offset by an increase in demand for other durable goods. Almost all of the growth in services employment was in the personal sector, as jobs in the business sector continued to post modest gains.

Composite leading indicator

New orders drove the weakness in manufacturing with a 5.5% decline, led by lower demand for aircraft. The ratio of shipments to inventories edged down for the fifth straight month, as a rebound in sales over the last two months was outweighed by higher inventories of finished products. This partly reflects Japanese-owned auto plants replenishing their inventories, after supplies were disrupted by a parts shortage in the spring and summer. The average workweek at manufacturing plants was unchanged, after four consecutive declines. SOURCE: Statistics Canada {STCA <GO>}

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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