Canada. The composite leading index increased in October

The composite leading index increased 0.7% in October, its fourth straight advance.

In October, 8 of the 10 components expanded, the same as in September. Housing remained the fastest-growing component. While the US leading indicator continued to recover, this has been slow to translate into higher demand for factories in Canada.

The housing index rose 4.2%, its sixth straight increase. The initial upturn was led by existing home sales. While sales recently have slowed, housing starts have accelerated, up 4.8% in October. The other components of consumer spending posted moderate growth of about 0.5%. For furniture and appliances, this represents their largest advance since September 2008. Outlays for other durable goods rose for the fourth month in a row, even before auto sales accelerated in October.

The US leading indicator rose by 0.9%, surpassing the growth of the Canadian leading index. Industrial demand, notably autos, and housing led the increase in the United States.

Despite the improvement in the US economy, demand for Canadian manufactured goods remained uneven. New orders fell for a second straight month. The ratio of shipments to stocks edged up, but only because inventories fell faster than sales. The increase in the average workweek slowed, after two months of acceleration. Still, at 37.3 hours, the workweek remains a full hour longer than its record low set in April.

The stock market rally slowed to 1.0% growth last month, after the smoothed version rose by an average of 4% over the previous five months.

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