Sales were down last month as well.
For the second month in a row, Canadian manufacturing sales have dropped.
October sales were down 0.7%, with sales dropping in 11 of 21 industries.
The biggest drop was in fabricated metals, where sales were down 8.2%
Motor vehicle manufacturing is down 4.7%, while motor vehicle parts manufacturing fell 4.6%.
On a year-over-year basis, manufacturing sales in Canada are down a full 2.1%.
As noted by BNN Bloomberg, “Also concerning is the uptick in the inventory to sales ratio to 1.54 in October, still resting at one of the highest levels since the financial crisis. The high level of inventories poses a risk to the sector if companies opt to draw on stockpiles instead of increase production.”
Alongside rising household debt and the horrendous recent jobs numbers, this is more evidence of Canada’s weakening economy.