February 17, 2012 / 1:42 PM / 6 years ago

Leading indicator rises 0.7 percent in January

OTTAWA (Reuters) - Canada’s leading indicator rose for the seventh month in a row in January, climbing 0.7 percent from December on strength in housing and manufacturing, Statistics Canada said on Friday.

The increase was slightly greater than the 0.6 percent advance predicted by market analysts.

Five of the indicator’s 10 components expanded in January, when the housing index rose by 1.0 percent and the average work week grew by 0.3 percent.

The retail sector showed weakness, with furniture and appliance sales dropping by 0.5 percent and sales of other durable goods falling by 0.2 percent. The stock price index declined by 0.5 percent from December.

The leading indicator is used as a predictor of future economic trends. The unsmoothed index, reflecting raw data, was up by 1.2 percent.

Reporting by David Ljunggren; Editing by Chizu Nomiyama

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