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MNI 5 THINGS: Canadian Mfg Sales Disappoint On Weak Petroleum>

--5 Things We Learned From the Canadian Monthly Manufacturing Survey
By Yali N'Diaye
     OTTAWA (MNI) - The following are the key points from the December 
data on the Canadian manufacturing sales released Friday by Statistics 
Canada: 
     - Sales value contracted 0.3% in December, while analysts in a MNI 
survey had expected a 0.5% gain. But November was revised up to +3.8% 
from +3.4%. Sales rebounded 2.8% in the fourth quarter after falling 
1.8% the previous quarter. 
     - Sales volume was down 0.1% in December after a 3.0% gain in 
November, leaving the quarter up 1.1% after a 0.4% decrease in the third 
quarter, a positive for GDP contribution. 
     - December sales weakness was due to petroleum and coal (-4.1%). 
Excluding that category, sales rose 0.2% on the month. Food was also a 
drag (-2.6%). Overall sales were down in 11 of 21 industries (57% of 
manufacturing). 
     - On the positive side, machinery was up 3.0% and autos up 2.6%. 
Sales excluding autos and parts fell 0.4%. 
     - Forward-looking indicators were mixed: new orders rose 0.3% but 
unfilled orders fell 0.7%. Inventories edged up 0.1%. The 
inventory-to-sales ratio rose to 1.36 from 1.35. 
--MNI Ottawa Bureau; email: yali.ndiaye@marketnews.com 
[TOPICS: M$C$$$,MACDS$]

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