The February composite leading index fell 1.1% after a 0.9% decrease in January, with 9 of the 10 components declining, Statistics Canada said Monday.

“The housing and stock markets continued to post the largest declines, while losses in manufacturing steepened as the auto industry began to implement extensive shutdowns at the turn of the year,” StatsCan said.

The composite index is a figure in which the year 1992 equals 100 and is designed to show where the national economy is headed in future months.

February’s reading stood at 221, down from September’s 229.5.

In February, only money supply rose, which reflects the Bank of Canada’s effort at stimulating the flagging national economy.

The housing sub-component fell 8% in the month and now stands equal to the level for the sector back in 1992.

The Toronto stock exchange came in as the second-biggest losing component in February, down 7.5%. The TSX has dropped almost 35% since September, StatsCan said..

In addition, new orders for durable goods, items such as fridges and clothes washers, slid by 4.8%.

IE