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Canadian leading indicator slows in July
OTTAWA — A key barometer of Canada`s economic performance slowed in July, due mainly to declines in the housing sector, Statistics Canada said on Thursday.
The federal agency`s composite leading indicator advanced 0.4 per cent during the month, following a revised gain of 0.7% in June. Most economists had expected a rise of 0.6% in July.
The housing index fell 4.1% last month, as both housing starts and sales declined.
"The slump in house sales was reflected in a 0.6% drop in furniture and appliance sales," the agency said. "Demand for other durable goods posted a fifth straight decline."
Manufacturing continues to "gain steadily," the agency said. New orders for durable goods rose 2%, the sixth straight increase.
The growth in manufacturing is consistent with continued growth in the U.S. leading indicator, the agency said.
Read the full article here.
OTTAWA — A key barometer of Canada`s economic performance slowed in July, due mainly to declines in the housing sector, Statistics Canada said on Thursday.
The federal agency`s composite leading indicator advanced 0.4 per cent during the month, following a revised gain of 0.7% in June. Most economists had expected a rise of 0.6% in July.
The housing index fell 4.1% last month, as both housing starts and sales declined.
"The slump in house sales was reflected in a 0.6% drop in furniture and appliance sales," the agency said. "Demand for other durable goods posted a fifth straight decline."
Manufacturing continues to "gain steadily," the agency said. New orders for durable goods rose 2%, the sixth straight increase.
The growth in manufacturing is consistent with continued growth in the U.S. leading indicator, the agency said.
Read the full article here.