News

Shutdowns in auto sector lead drop in Canada factory sales

Shutdowns in auto sector lead drop in Canada factory sales
Business
Factory sales fell 1.3 per cent in July, Statistics Canada reported Tuesday from Ottawa. That far exceeded the median forecast in a Bloomberg survey of economists, which called for a 0.1 per cent decline. In volume terms, sales dropped 1.6 per cent.

While the miss in manufacturing could signal economic growth is decelerating heading into the second half, much of the slowdown was driven by plant shutdowns in the auto and metal sectors. Primary metal production was down 7.3 per cent on the month, led lower by iron and steel. Autos fell 4.7 per cent, partly the result of “an extended shutdown at a major assembly plant,” the agency said.

“A weak report any way one slices it and a clear sign Canada isn’t escaping the global slowdown across industrial sectors brought on by the trade war,” said Brett House, deputy chief economist at Scotiabank. This will have a direct impact on third-quarter gross domestic product, “which is already off to a rocky start,” he said.
Read more on Toronto Star
News Topics :
Similar Articles :
Business
OTTAWA Statistics Canada says manufacturing sales fell 1.3 per cent to $57.2 billion in July as sales in the primary metal and motor vehicle industries moved lower. The agency...
Business
Manufacturing sales fell 0.6 per cent in April, Statistics Canada said Thursday from Ottawa. Economists surveyed by Bloomberg were expecting factory output to increase 0.4 per cent. The pullback follows...
Business
OTTAWA—Statistics Canada says manufacturing sales fell 2.6 per cent to $52.5 billion in July, due in large part to a drop in the auto sector. The agency says sales fell...
Business
OTTAWA Statistics Canada says manufacturing sales fell 1.3 per cent to $57.2 billion in July as sales in the primary metal and motor vehicle industries moved lower. The agency...
Business
Steve Vince works on a 2017 Chrysler Pacifica on the assembly line at the Windsor Assembly Plant, Friday, May 6, 2016, in Windsor, Ontario. AP / Carlos Osorio Published Wednesday,...