Canadian Manufacturing Sales Decline In August
(RTTNews) - Sales of goods manufactured in Canada fell more than forecast in August following a modest rebound earlier this summer, official data revealed Thursday.
Manufacturing sales declined 2.1% to $40.9 billion in August following a revised 5.2% gain in July, according to Statistics Canada. Economists expected sales to drop 1.6% in August.
The aerospace product and parts and motor vehicle industries were the major contributors to the decline.
Sales have been relatively level since February, after declining 20.4% between October 2008 and January 2009, during the worst of the global economic crisis.
Production in the aerospace product and parts industry remained volatile, plunging 35.6% to $1.2 billion. Excluding the decline in aerospace, manufacturing sales decreased by 0.6%.
Manufacturing sales in the motor vehicle industry fell 6.3% to $3.1 billion. The decline in August follows a 48.8% gain by the industry in July, when assembly lines resumed production following extended shutdowns earlier in the year.
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