Composite leading index edges up in October, no thanks to manufacturing: StatsCan
November 18, 2011 by The Canadian Press
The composite leading index rose 0.2 percent in October. Statistics Canada reports five of 10 components increased, while four declined.
Household spending remained the strongest sector of the economy, while manufacturing remained the weakest.
The housing index advanced 1.6 percent, as housing starts continued to increase.
Durable goods sales were mixed, with a dip in furniture and appliance sales offset by an increase in demand for other durable goods.
StatsCan says almost all of the growth in services employment was in the personal sector, as jobs in the business sector continued to post modest gains.
New orders drove the weakness in manufacturing with a 5.5 percent decline, led by lower demand for aircraft.
The ratio of shipments to inventories edged down for the fifth straight month.
The average workweek at manufacturing plants was unchanged after four straight declines.