Canada’s index of leading economic indicators rose in May, with manufacturing taking over from the slowing property and stock markets as the main engine of growth, government figures showed Friday.
The composite index gained 0.9%, Statistics Canada said. That was slightly higher than the 0.7% increase forecast by economists. All three components of the manufacturing index were higher on the month, while housing index dropped 1.2% in its first decline since April 2009.
Stocks ended a 13-month rally, StatsCan said.
New orders led gains among manufacturing indicators, rising 4% in their fourth consecutive monthly increase, StatsCan said. The ratio of shipments to inventories rose for the tenth month in a row.
The U.S. leading indicator was also higher, advancing 0.7% continuing a string of 12 straight gains, StatsCan said.
