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- Canada’s manufacturing sales fell much more than forecast in March
Canada’s manufacturing sales fell much more than forecast in March
Statistics Canada released its Monthly Survey of Manufacturing on Thursday, which showed that the Canadian manufacturing sales tumbled 9.2 percent m-o-m in March to CAD50.79 billion, following a revised 0.4 percent m-o-m advance in February (originally a 0.5 percent m-o-m gain), as many plants were shut down or faced sharply lower demand during the last two weeks of the month due to COVID-19. That was the biggest decline in manufacturing sales since December 2008.
Economists had forecast a 5.7 percent m-o-m decrease for March.
According to the survey, sales decreased in 17 of 21 industries, led by steep declines in the petroleum and coal product (-32.2 percent m-o-m) and transportation equipment (-26.5 percent m-o-m) industries. In contrast, sales rose noticeably in the paper (+8.4 percent m-o-m), food (+8.2 percent m-o-m), as well as beverage and tobacco (+6.7 percent m-o-m) industries.
Overall, sales of durable goods industries declined 4.9 percent m-o-m in March, while sales of non-durable goods industries plunged 13.1 percent m-o-m.
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