Statistics Canada has good economic news for investors this morning. Consumer spending in retail stores advanced for a fourth consecutive month in August. Retail sales increased 0.3% in August to a record $26.7 billion.

This followed a 1% sales jump in July. Sales growth has been accelerating in the last few months, continuing a general pattern of increases seen since the fall of 2001.

August’s increase reached 0.9% after excluding sales by motor and recreational vehicle dealers from total retail. Shoppers spent more in furniture (+2.3%), general merchandise (+0.9%) and food (+0.5%) stores, while staying away from clothing (-1.8%) and drug (-0.7%) stores.

In a separate report, StatsCan is reporting improvements in the composite leading index continued. The CPI accelerated from gains of 0.4% in July and August to 0.7% in September. Growth also continued to broaden, as seven of the ten components rose, one more than in August.

These increases, the largest since early 2002, have already begun to be translated into higher output and employment. The housing-related components again spearheaded growth, reinforced by a strong advance by the US leading index. The recent slump in manufacturing eased slightly.

With this economic news and the Canadian dollar closing up 0.21 of a cent at US75.97¢, economists are saying that the Bank of Canada has set the right tone by not lowering rates. We will get the latest on the Bank’s monetary policy at 10:30 ET.

Despite the glow north of the 49th parallel today, Wall Street futures are down. In Europe at midday, London’s FTSE 100 is down 1%. The Paris CAC 40 has slid trimmed 0.6%. Frankfurt’s DAX is down 1%.

In Asia, Japan’s Nikkei Stock Average of 225 issues plunged 141.9 points, or 1.29%, to 10,889.62. In Hong Kong, shares edged down due to profit-taking. The Hang Seng Index shed 12.06 points, or 0.1%, finishing at 12,238.63.

Yesterday, Toronto’s S&P/TSX composite rose 48.15 points to 7,768. The Dow Jones industrial average was down 30.3 points at 9,747.64. The Nasdaq composite rose 15.76 to 1,940.90 and the S&P 500 index was ahead 1.35 at 1,046.03.