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The leading index rose 0.5% in August, matching its average increase over the previous two months. The sources of growth were little changed, as manufacturing posted the largest gains while housing continued to retrench.
New orders for durable manufactured goods continued to strengthen, rising 5.2%. The steady advances in new orders since November 2009 continued to support higher shipments, which led the increase in the ratio of shipments to inventories.
Household spending was mixed, with declines for the housing-related components and increases for other durable goods. The rate of decline in the housing index levelled off at 4.0%, entirely the result of the housing starts component. With existing home sales continuing to decline, furniture and appliance sales dropped for the second straight month. Spending on other durable goods rebounded 1.0% after five straight decreases.
Available on CANSIM: table 377-0003.
Definitions, data sources and methods: survey number 1601.
This release will be reprinted in the October 2010 issue of Canadian Economic Observer, Vol. 23, no. 10 (11-010-X, free). For more information on the economy, consult the Canadian Economic Observer.
For more information, or to enquire about the concepts, methods or data quality of this release, contact Francine Roy (613-951-3627; ceo@statcan.gc.ca), Current Economic Analysis Group.
Table 1
| March 2010 | April 2010 | May 2010 | June 2010 | July 2010 | August 2010 | Last month of data available | |
|---|---|---|---|---|---|---|---|
| % change | |||||||
| Composite leading indicator (1992=100) | 235.1 | 237.3 | 239.3 | 240.7 | 241.6 | 242.7 | 0.5 |
| Housing index (1992=100)1 | 138.1 | 138.9 | 136.4 | 132.8 | 127.4 | 122.3 | -4.0 |
| Business and personal services employment ('000) | 2,950 | 2,960 | 2,955 | 2,968 | 2,979 | 2,991 | 0.4 |
| S&P/TSX stock price index (1975=1,000) | 11,591 | 11,744 | 11,747 | 11,787 | 11,804 | 11,779 | -0.2 |
| Money supply, M1 ($ millions, 1992)2 | 212,990 | 214,194 | 215,511 | 216,766 | 217,709 | 218,581 | 0.4 |
| U.S. Conference Board leading indicator (1992=100)3 | 129.1 | 130.3 | 131.2 | 131.9 | 132.4 | 132.9 | 0.4 |
| Manufacturing | |||||||
| Average workweek (hours) | 36.5 | 36.6 | 36.7 | 36.7 | 36.6 | 36.5 | -0.3 |
| New orders, durables ($ millions, 1992)4 | 21,225 | 21,247 | 22,015 | 22,449 | 22,957 | 24,154 | 5.2 |
| Shipments/inventories of finished goods4 | 1.77 | 1.81 | 1.85 | 1.88 | 1.91 | 1.92 | 0.015 |
| Retail trade | |||||||
| Furniture and appliance sales ($ millions, 1992)4 | 2,907 | 2,930 | 2,957 | 2,970 | 2,954 | 2,942 | -0.4 |
| Other durable goods sales ($ millions, 1992)4 | 10,075 | 10,022 | 9,979 | 9,931 | 9,885 | 9,986 | 1.0 |
| Unsmoothed composite leading indicator | 238.8 | 243.6 | 243.3 | 240.6 | 241.8 | 244.2 | 1.0 |
