Composite Leading Index for Canada: September 2017

Signal49 Research’s Composite Leading Index declined 0.6 points to 112.6 in July (2010  = 100). The decline was largely a result of a drop in building permits. The S&P/TSX Composite Index also fell in July, its third straight monthly decline, but continued strength in the U.S. leading index and an increase in consumer confidence in Canada partially offset these declines. The index’s decline further supports our view that the exceptional growth in Canada is unsustainable and will taper in the second half of the year.