Canadian Composite Index Improves In February

Statistics Canada reports composite index rose 0.8 percent in February as nine of 10 components rose and manufacturing continued to recover.

OTTAWA (CP) -- The composite index rose 0.8 percent in February as nine of 10 components rose.

Statistics Canada reports household demand led the increase, while manufacturing continued to recover.

The housing index accelerated to 1.7 percent growth, after slowing over the previous four months.

However, all of the increase originated in higher housing starts, as existing home sales fell for the first time since February 2009.

The leading indicator for the United States grew 0.8 percent, matching the ninth straight increase for Canada.

The agency says consumer confidence has been slower to recover than in Canada, as jobs have lagged in the United States.

With the U.S. economy continuing to rebound, manufacturing orders and sales rose in Canada. New orders increased for the third time in four months.

The ratio of shipments to inventories posted a seventh straight gain, as sales expanded while stocks fell. The average workweek in manufacturing was the only component to decline.

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