Canadian June Factory Shipments Fall Aug 18, 2003

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Shipments from Canadian factories fell 0.5 percent in June, beyond expectations, as
auto shipments dropped and May's discovery of a single case of mad cow disease "hammered" meat processors, Statistics Canada said.

"Manufacturers sliced 4.4 percent off shipments in the second quarter, wiping out the first quarter's gains," Statscan said. Unfilled orders fell by 1.3 percent -- the tenth consecutive
monthly decline -- inventories dropped by 0.9 percent and new orders rose 2.0 percent, it added. The inventory to shipment ratio edged back to 1.50 from May's ratio of 1.51, revised up from 1.49. A higher ratio indicates some difficulty by manufacturers to clear inventories due to weakening demand. (Reuters)

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