Manufacturing sales plummet in August
October 21, 2008 by Manufacturing AUTOMATION
Ottawa, Ont. – Canadian manufacturers experienced a pull-back in sales in August, erasing any gains the sector has made since December 2007.
According to data from Statistics Canada, the decrease in sales follows four consecutive monthly increases. Sales decreased 3.7 per cent, erasing most of the gains from the previous two months.
The numbers were shocking because analysts had previously predicted a modest 0.6 per cent increase in gains for the month. The largest contributor to the decrease was the petroleum and coal products industry, where sales have fallen by nearly $1 billion in two months.
Overall, the decreases in manufacturing sales were widespread in August, with 18 of the 21 manufacturing industries, accounting for 96 per cent of total sales, reporting declines.