Mr. Speaker, I am pleased to bring to the attention of the House that the composite leading index rose by .08 in January, matching its revised growth rate for December. It is noteworthy that these gains are the highest since the index began its recovery in 1991.
An upward trend in the index points to better economic times ahead. Most economists expect stronger growth in 1994.
Statistics Canada reported that the leading indicator is heading in the right direction. The acceleration in recent months has been the result principally of a continental upturn and the buoyancy in the stock markets.
Manufacturing demands have been steady. New orders recorded a third straight increase despite the effect of temporary plant closings in the auto industry. At the same time, shipments to stocks ratio continue to improve, rising to the highest level since the data series began in early 1952.
The stockmarket soared to new all time records in January, accelerating from 1.6 per cent growth to 2.1 per cent growth at a time of falling interest rates.