Canada’s Ivey Purchasing Managers Index collapsed from an exuberant and simply unbelievable 63.6 in November to acontractionary 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.
This post was published at Zero Hedge on 01/07/2016.