The composite leading indicator grew by 0.3% in December after a 0.5% surge in November, Statistics Canada said today.

The government agency said that growth continued to be driven by consumer spending and financial markets, while sluggish U.S. markets restrained growth.

During December, consumer spending was led by furniture and appliances and other durable goods as auto demand slowed.

Also, sales of existing homes hit their highest level in 2006 and the Toronto stock market set another record high.

StatsCan said the trend of the U.S. leading indicator was unchanged in the last two months, after five straight declines.