Canada PMI Crashes Into Contraction
Canada's Ivey Purchasing Managers Index collapsed from an exuberant and simply unbelievable 63.6 in November to a contractionary 49.9 in December - one of the biggest MoM drops on record and biggest misses on record. On a seasonally-unadjusted basis, this is the weakest print in at least 2 years. From the best data since February 2012 to the worst since February 2015 seems to expose these soft-surveys as practically useless. The huge drop in Inventories suggests a major drag on GDP and an extension of Canada's recession.
From First to Worst!!
Unadjusted, this is the weakest data in at least 2 years...
Moar recession? But for America, low oil prices are "unequivocally good" still right?
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