Household spending boosts leading indicator
OTTAWA (Reuters) - Canada's composite leading indicator increased by 0.2 percent in October on continued strength in household spending, Statistics Canada said on Friday.
Statscan revised September's data to a 0.1 percent advance from the initial 0.1 percent decline.
The housing index grew by 1.6 percent -- the largest gain since the 1.9 percent advance recorded in March 2011 -- on higher housing starts and a rebound in existing home sales.
The hard-hit manufacturing sector put in another weak performance, with new orders dropping 5.5 percent from September. The stock market index fell by 2.4 percent.
The leading indicator is used as a predictor of future economic trends. The unsmoothed index, reflecting raw data, was up 1.6 percent.
(Reporting by David Ljunggren; Editing by Theodore d'Afflisio)
© Thomson Reuters 2017 All rights reserved.