Bloomberg News

Canada September Leading Indicator Falls First Time in a Year

October 19, 2011

Oct. 19 (Bloomberg) -- Canada’s index of leading economic indicators fell for the first time in a year in September, led by declines in manufacturing.

The index dropped 0.1 percent, Ottawa-based Statistics Canada said today, while economists surveyed by Bloomberg News said it would rise 0.1 percent, based on the median of eight estimates. The average monthly increase over the past decade is 0.4 percent.

Manufacturing categories were three of the four that declined in September, including a 0.7 percent drop in new orders of durable goods. The ratio of factory shipments to inventories declined to 1.90 from 1.92 and the average manufacturing workweek shrank a fourth month to 36.4 hours.

There are 10 components in the composite index, and six of them rose on the month. Statistics Canada’s measure of housing starts and existing home sales rose 1.2 percent, while the country’s main stock index fell 3.5 percent, the report said.

--With assistance from Ilan Kolet in Ottawa. Editor: Paul Badertscher

To contact the reporter on this story: Greg Quinn in Ottawa at gquinn1@bloomberg.net

To contact the editors responsible for this story: Christopher Wellisz at cwellisz@bloomberg.net; David Scanlan at dscanlan@bloomberg.net.


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