Canada manufacturing activity shrinks to lowest on record in August

Business conditions in the Canadian manufacturing sector fell to a record low in August as demand for new business weakened and new export orders stagnated as the country continues to feel the effect of cheap oil prices, data showed on Thursday. The RBC Canadian Manufacturing Purchasing Managers' index (PMI), a measure of manufacturing business conditions, fell to a seasonally adjusted 48.6 last month from 49.4 in August. "Overall conditions in the Canadian manufacturing sector continued to dete