Canada April Markit manufacturing PMI 49.7 vs 50.5 prior

Markit manufacturing PMI data

• Prior was 50.5
• Production 48.9 vs 50.6 prior
• New orders 48.6 vs 49.9 prior (lowest since Dec 2015)
• Employment 49.7 vs 51.1 prior (lowest since Sept 2016)

That's the first contractionary reading since Feb 2016. The entire survey is an ugly picture. Part of the story is a mandatory production cut in the oil industry in Alberta but there are also soft domestic and export metrics.