Cdn Factories: Sea of Red in September Canadian manufacturing shipments fell 3.3% in September, below even our call of -2.5%, which was already well below the consensus call of -1.1%, with activity slammed by falling prices and lower auto production. In volume terms, the result was not nearly as weak, as real shipments were down 1.3%, as a steep drop in oil prices hammered refined petroleum products (they plunged 15.3%). Still, most aspects of the report were on the soft side, with 13 of 21 industries reporting declines in nominal shipments, and August shipments were revised down to boot (from -0.3% initially). As well, new orders also fell 2.8% after a similar drop in August, dragging down the backlog of unfilled orders on a monthly and on a yearover- year basis.
I'm starting to think the US economy is akin to Mark Twain.. :o)
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