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The composite leading index was unchanged in March, after a decline in February followed an increase in January. Of the 10 components, 6 rose in March, up from 4 the month before, as both housing and new orders for durable goods rebounded from large declines. Overall, household spending continued to lead growth, while the stock market replaced manufacturing as the weakest sector of the economy.
All the components related to household spending advanced. Outlays for durable goods posted a third straight gain, as auto sales remained on a strong upward trend. The housing index rebounded 0.2% after five straight declines.
Manufacturing remained mixed. Export demand continued to reel from declines in the United States, which was reflected in a seventh straight decline in its leading index. However, new orders rebounded 0.6%, helped by gains for investment goods and a partial recovery for autos. This gain in orders was not reflected in higher shipments, and this lowered the ratio of shipments to inventories for a second straight month.
The downward trend of the stock market deepened for a fifth straight month, and its 1.9% drop was the most of any component.
Available on CANSIM: table 377-0003.
Definitions, data sources and methods: survey number 1601.
This release will be reprinted in the May 2008 issue of Canadian Economic Observer, Vol. 21, no. 5 (11-010-XWB, 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 Philip Cross (613-951-9162; ceo@statcan.gc.ca), Current Economic Analysis Group.
Table(s).
