The Globe and Mail reports in its Wednesday edition that Bank of Montreal economist Erik Johnson detailed Canada's "˜Carpocalypse,"
as covered in a column by The Globe's Scott Barlow: "North American auto production disappointed in August most ways you can slice it. Year-to-date production is down 20% versus 2019 levels. The 12-month moving sum is similarly heading in the wrong direction (see chart). Monthly production fell18% year-over-year, highlighted by Canada having the worst month in seasonally adjusted terms going back to the late-1980s (other than April and May 2020). While production in Mexico and the U.S. has surpassed 2020 levels (for now), it has slumped 13% in Canada or 40% versus 2019. With many automakers extending production cuts into September, it doesn't look like the global chip shortage will end anytime soon."
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