The strong dollar was also a factor, the company said.
The economy is healthy once again, thanks to a strong dollar.
In recent months, the strong dollar has only contributed to the problem.
Is it a strong dollar, as we had between 1980 and February 1985?
"It's been very difficult in recent years because of the strong dollar," he said.
"A strong dollar is in our national interest," he said.
That preference for a strong dollar may still be in play.
The strong dollar has also contributed to the call for lower interest rates.
But the strong Canadian dollar is also holding down prices.
Americans still like a lot of foreign products, despite their higher prices, that they got to know when a strong dollar made them less expensive.