UPDATE 1-Housing drags on Canada July leading indicator

* Leading indicator rises 0.4 percent in July

* Housing downturn offset by manufacturing recovery
(Adds details)

OTTAWA, Aug 19 (BestGrowthStock) – The rise in Canada’s composite
leading indicator posted the slowest increase in a year at 0.4
percent in July from 0.7 percent in June, as the cooling
housing market partially offset a comeback in manufacturing,
Statistics Canada said on Thursday.

Market players had predicted, on average, a gain of 0.6
percent. Statscan revised its figures for June to a gain of 0.7
percent from a previously reported gain of 1.0 percent.

Housing starts and sales have turned down after a busy
period that had led some analysts to worry the market was
overheating.

The housing index tumbled 4.1 percent as a result and
demand for furniture and appliances also weakened.

Factories saw a 2.2 percent rise in new orders for durable
goods, the sixth straight increase in demand. The ratio of
shipments to sales also continued to recover, Statscan said.
(Reporting by Louise Egan; Editing by Theodore d’Afflisio)

UPDATE 1-Housing drags on Canada July leading indicator