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Thursday, June 20, 2024

Manufacturing Sales Slip to 4-Year Low

Manufacturing sales declined 3.1 percent in December to $48.0 billion – the largest decline since May 2009.

Just over half of the decrease reflected lower sales in the transportation equipment industry. Sales were also down in the chemical, petroleum and coal product as well as the fabricated metal product industries, reports Stats Canada.

Sales decreased in 16 of 21 industries, representing 82 percent of the manufacturing sector.

More than two-thirds of the decline in Canadian manufacturing sales was concentrated in Ontario. In total, six provinces posted lower sales in December.

Inventories decreased 1 percent to $64.5 billion, primarily reflecting declines in the transportation equipment as well as the petroleum and coal product industries.