Canadian Manufacturing Sales Plunged 3.1% in December
(GAINSY Fundamental Analysis)
Canadian manufacturing sales plunged by an outsized 3.1% in December 2012, which was the largest monthly decline since May 2009 and was well below market expectations for a 0.8% drop. November's previously reported 1.7% increase was upwardly revised to 1.9%; however, October's reading was downwardly revised to -1.8% from -1.2% previously. Much of the weakness in December reflected an outsized 15.4% drop in motor vehicle sales that offset a 6.5% gain in aerospace sales to send the transportation component down 9.1% in the month. The weakness in auto sales may have reflected difficulties in seasonally adjusting the data around the December holiday period; however, excluding the auto component, sales were still down 1.9% thereby reflecting relatively broadly based weakness. In all, 16 of 21 industries reported lower sales in December. As well, the decline in nominal sales overall was despite lower prices with the volume of sales declining by an even greater 3.8% in the month. ...
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(GAINSY Fundamental Analysis)
Canadian manufacturing sales plunged by an outsized 3.1% in December 2012, which was the largest monthly decline since May 2009 and was well below market expectations for a 0.8% drop. November's previously reported 1.7% increase was upwardly revised to 1.9%; however, October's reading was downwardly revised to -1.8% from -1.2% previously. Much of the weakness in December reflected an outsized 15.4% drop in motor vehicle sales that offset a 6.5% gain in aerospace sales to send the transportation component down 9.1% in the month. The weakness in auto sales may have reflected difficulties in seasonally adjusting the data around the December holiday period; however, excluding the auto component, sales were still down 1.9% thereby reflecting relatively broadly based weakness. In all, 16 of 21 industries reported lower sales in December. As well, the decline in nominal sales overall was despite lower prices with the volume of sales declining by an even greater 3.8% in the month. ...
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