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Real Imports Hint At Further Domestic Demand Weakness

CANADA DATA
  • Within the trade data, real merchandise import growth fell -2% M/M in December for the second month with non-energy imports -1% after -4%.
  • That left real imports down -1% Y/Y (non-energy -7% Y/Y) in a further sign that domestic demand could be slowing further after dipping -0.6% annualized back in Q3, despite monthly GDP estimates coming in in-line/slightly above expectations in the months since then.

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