December 10, 2008

October 2008 sales of merchant wholesalers were $377.4 billion, down 4.1 percent from the revised September level, but up 2.7 percent from the October 2007 level, according to the U.S. Census Bureau. The September preliminary estimate was revised downward $2.4 billion or 0.6 percent. October sales of durable goods were down 4.2 percent from last month and were down 1.6 percent from a year ago. Sales of metals and minerals, except petroleum were down 5.2 percent from last month and sales of motor vehicle and motor vehicle parts and supplies were down 4.5 percent. Sales of nondurable goods were down 4.1 percent from last month, but were up 6.5 percent from last year. Sales of petroleum and petroleum products were down 11.2 percent from last month and sales of farm product raw materials were …

Canadian economists are saying the country will follow the U.S. into a recession. The severity of that recession -which is currently expected to be short -is dependent on how far the U.S. falls. Here’s an overview of the current situation.
While conditions in Canada no more than a few months ago pointed to a downturn, a recession was not necessarily yet in the cards thanks to strong domestic demand and high commodity prices.
But with the U.S. economy officially in a recession, Canada is facing the same prospect. Demand for its products in the U.S. continues to fall despite a weakening of the Canadian dollar -which in any other year might make Canadian products more attractive to U.S. companies.
 
What’s more, commodity prices and demand for raw materials have …