Loonie Tumbles After Canadian Economy Unexpectedly Crashes Back Into Contraction

Friday, December 23, 2016
By Paul Martin

by Tyler Durden
Dec 23, 2016

After 4 straight quarters of MoM growth in GDP, the Canadian economy plunged 0.3% in Q4 (considerably worse than the 0.0% expectations) despite a resugenece in crude prices. The Loonie is tumbling, back at 5-week lows, as manufacturing shrank a shocking 2.0% YoY – most since 2013.

Goods-producing sector fell 1.3% m/m in Oct.
Service-producing sector rose 0.1% m/m in Oct.
Largest upside contributor was real estate, +0.05 ppts
Largest downside contributor was manufacturing, -0.20 ppts
Manufacturing output falls 2.0% m/m, biggest decline since December 2013

The Rest…HERE

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