“Although Mac shipments grew faster than the overall PC market in calendar Q3 for the 25th quarter in a row, Needham’s Charlie Wolf sees cause for concern in latest data,” Philip Elmer-DeWitt reports for Fortune.

In his regular quarterly review of Apple’s (AAPL) Mac business, he notes:
• The difference in Mac vs. PC growth rates — up 1.9% for the Mac compared with down 2.5% for all PCs, including Macs — is smaller than in previous quarters

• Mac shipments to education fell 0.1% while overall PC sales to schools fell nearly 13.9% — the first definitive evidence, Wolf writes, that the iPad is cannibalizing PC sales in the U.S. (Apple sold nearly 1 million iPads to U.S. schools in the quarter.)

• Overall PC shipments to the home rose 1.1% worldwide in Q3 while Mac shipments to the home fell 4.6%, an outsized decline Wolf attributes to delays in the Mac upgrade cycle.

• The best news for the Mac: It continues to thrive in the business market. Mac units grew 56.6% in the U.S. even as overall PC sales fell 8.8%s. Worldwide, Mac business shipments increased 22.1% compared with a 4.5% decline in overall business sales.

More info, including four of Wolf’s charts, in the full article here.