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US Manufacturing PMI At 7-Month Highs As Canada's Crashes To Record Low (Below China)
Amid a slew of sometimes contradictory Manufacturing data, Canada appears to have suffered the most with its Markit PMI tumbling to 48.0 - a record low. Canada's weakness puts it below China (based on China's Caixin/Markit measure). US manufacturing rose marginally from its preliminary 48.0 print to end October at 48.1, highest since March. Output and New orders are seen rising at the fastest pace since March, but despite this 'strength' Markit is careful to warn a rate hike would be premature.
Canada PMI: Manufacturing sector survey dips to record low in October
The latest RBC Canadian Manufacturing PMI survey pointed to another downturn in overall business conditions, with output, new orders and employment all declining since the previous month. Moreover, new export sales dropped for the first time since April, with survey respondents noting that weaker global economic conditions had weighed on new business volumes.
But everything is awesome in America...
“With the Fed eagerly watching the data flow to see whether the third quarter economic slowdown will intensify, the improvement in the manufacturing sector increases the odds of policymakers voting to hike rates at the FOMC’s December meeting."
Just don't raise rates...
“However, with inflationary pressures remaining very subdued and signs of the slowdown persisting into the fourth quarter in the larger service sector, the policy outlook is by no means certain and debate about whether the economy yet needs higher interest rates will no doubt remain intense.”
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7 month high on some report and the 2 year lows on another then flat line on something else. Can any of the reports be trusted? Seems like a lot of manipulated seasonal adjustments taking place.
Welcome to the fun-house mirror economy, where no matter what, what you see is distorted......
I'd really like to read something from someone in Canada and tell us how it really is in your country. Thanks!
Canada is so damned big and diversified that we certainly don't all feel the same things when it comes to the economy. For example, the economy of BC is heavily resource based (lumber, mining). 30 years ago Alberta's economy was 70% tied to oil, but diversification has supposedly brought that down to 30%. Mind you, with the oil sands projects in the north of the province those figures are debatable. Nonetheless, despite haters loving to bash Alberta, that pretty province 'has been' the real economic engine of Canada for decades with a mix of forestry, mining, banking, ranching and oil. Saskatchewan and Manitoba are mostly farming although Sask., has a wealth of diamonds in the NW corner, some oil and crops as far as the eye can see.
Quebec and Ontario, both much larger than BC or Alberta, are even different from each other. Quebec is busy with forestry and mining, while Ontario is the manufacturing hub of Canada. So depending on what's getting slammed, we all feel the pinch but to different degrees. Not to forget the smaller maritime provinces to the far east (Newfoundland, Nova Scotia, etc.). Newfoundland has oil as well (offshore) but generally speaking those provinces (full of great folks) are smaller and, with all due respect to them, of lesser consequence from the perspective of GDP.
Haters (and there really aren't many) have been waiting with baited breath ever since 2007 for Canada to fall flat on her face. Hasn't happened. Anybody know why Canada isn't likely to crash and burn and explode and dissolve like some would like to see? The main reason is that the big 5 Canadian banks are ranked among the top 10 most solvent banks in the world. Only one bank in Canadian history has ever failed and we don't expect any to fail in the years ahead either. If they were leveraged 160,000:1 like those insane banks in New York, yes, in that case they would eventually fail. But that isn't the case. A few years ago, right after the last crash, Farheed Zacharia was asked "How is it that Canadian banks remain so strong?" His reply was "They just use common sense."
And lastly, the culture in Canada is so entirely different than in the US that although people up here have gone through the bad times right along with the rest of the world, we somehow get through it without killing each other. People remain relatively happy, always friendly, hunker down and just get through it. When I was a kid in Alberta, man was it tough here (1960ish). A beautiful place to live, but holy shit it was tough going.
But I will also admit, when the SHTF this time, the vast majority of people up here are going to get broadsided and won't have a god damned clue what caused it all. I sure as hell do... which is why I have been urging people I know to get some silver and get out of stocks. Some listen, some don't. But when the darkest days finally arrive, I can assure you, if there was any place in the world where I'd feel most comfortable and safest, it's more or less just outside my door. I 'would' get out of the big city though and into a smaller berg somewhere in the mountains. It's so god damned pretty out there that it makes even the darkest life more bearable.
Please don't misunderstand me, I know we're going to take a shit-kicking. Just not as bad as a lot of other countries.
Great, I have an idea. Why don't we send the refugees/economic migrants over to Canada for the winter? It's so pretty and safe there, I mean surely the Canadian people will be ever so welcoming of those poor needy lost souls?
In fact, I think this is such a good idea we should ask the Germans if this would work? Are there any Germans on this thread that would like to see Canada 'adopt' a few migrants?
There is one advantage the Canadians have, at least they got guns!
To be honest with you, I'm glad as hell that there is an ocean on each side of us. That kind of mass exodus is a freaking disaster and judging by your comment, I'd say you want no part of it if possible, just like us. That immigration was set loose deliberately and as you probably know, there is one hell of an evil aganda behind it. So no thanks... we have the same opinion about massive immigration as you do.
And at the spearhead a top of the British programme .. you guessed it Mr Mark Carney.
Don't you just love politics. By the way, I wasn't bashing Canada, or it's beauty, I just find the political circuis one big sick, rotten horror show.
It's going to get pretty nasty in Europe.
Are there any Germans on this thread that would like to see Canada 'adopt' a few migrants?
Or was that a misspell? Adolph a few migrants?
"Output and New orders are seen rising at the fastest pace since March"
- Output of... What domestically-based manufactured goods, precisely...?
- New orders of... What, precisely?
In other words, in the process of tossing data-Shit at the wall in the hopes that it will stick, what constitutes 'U.S. manufacturing' anyway? At least in terms of magnitude that would register? Car sales ramping again? Earth moving equipment from CAT? Boeing parts made (here)...? Semiconductor/machine equipment? What are the drivers and most importantly, where are they made - not 'counted as', but actually MADE...?
Below 50 is still contracting, correct?
A contracting economy is not a growing ecnomy, even if it is contracting a little less slowly than last month.
I wonder why they leave that little bit of information out of the conversation these days?