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Canada November Composite Leading Indicators (Text)

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Dec. 14 (Bloomberg) -- Following is the text of Canada's leading indicators report from Statistics Canada.

The composite leading index increased 0.8% in November, the largest increase in five months. Manufacturing posted broad gains after slowing in recent months. Household spending was mixed, while the stock market continued to decline.

Composite leading indicator

All three manufacturing components increased. New orders for durable goods recovered 4.1% from a 5.8% decline the month before. The ratio of shipments to inventories rose after five consecutive monthly declines, as sales strengthened while inventories levelled off. The average workweek lengthened for a second month in a row.

Some of the pick-up in manufacturing reflects signs of improvement in the United States economy. Its leading indicator rose 0.5%, led by building permits and a recovery of consumer confidence.

In Canada, the housing index fell 1.5%, as a retreat in housing starts outweighed an increase in house sales. Furniture and appliance sales fell, while spending on other durable goods remained buoyant.

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