Canada October Factory Sales Fall 1.1% on Oil Refinery PlungeErik Hertzberg
Canadian manufacturers reported falling sales for a third consecutive month in October, as petroleum and coal product shipments slumped to the lowest since the 2009 recession.
Factory sales fell 1.1 percent in October, after a drop of
1.5 percent in September and 0.7 percent in August, Statistics Canada reported Tuesday from Ottawa. Economists forecast October sales would decline by 0.5 percent according to the median of a Bloomberg survey with 18 responses.
Petroleum and coal sales fell 5.7 percent to C$4.5 billion, the lowest level since April 2009, Statistics Canada reported, citing maintenance work at the nation’s refineries. From a year earlier, sales are down 30.4 percent for that category.
Aerospace sales fell 10.3 percent, while sales by machinery manufacturers were down 4.6 percent. Motor vehicles were one bright spot with sales up 4.9 percent.