Canada factory Sales Decline 1.1 Percent in October
Canadian manufacturing sector reported falling sales for a third consecutive month in October. Petroleum and coal product shipments slumped to the lowest since the 2009 recession.
The data released by Statistics Canada from Ottawa shows that Canada factory sales fell 1.1 percent in October, after a drop of 1.5 percent previously recorded in September and 0.7 percent in August. The report further confirmed other data showing Canada’s economy is still struggling from falling global oil prices, which are currently trading at the levels not seen since the last recession.
Economists forecast October sales would decline by 0.5 percent according to the market analysts polled by both Reuters and Bloomberg.
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.
Market volatility is expected across financial market as the FED is expected to raise rate in accordance with recent positive economic data recorded across key U.S sectors.