The Conference Board of Canada’s composite leading index increased by 0.2 percent in January, a slowdown from gains of 0.3 percent in December and 0.4 percent in November.

While weather played a role in this deceleration, the U.S. Conference Board’s leading indicator was less affected by the poor weather that plagued much of eastern North America.

“While there are increasing signs that the underlying trend of growth in the United States is improving, this upturn has yet to affect the broad trend of the Canadian economy,” said Philip Cross, author of the composite leading index for The Conference Board of Canada.

This is the second release of the Canada composite leading index, which sums up the performance of 10 components that track the short-term course of the economy. It signals changes in the business cycle approximately six or seven months in the future.