January production sales uncover Canadian factories were negligence even before COVID-19 hit
Statistics Canada says production sales fell 0.2 per cent to $56.1 billion in January.
The group says it was a fifth uninterrupted monthly decline.
Economists had approaching a dump of 0.5 per cent for January, according to financial markets information organisation Refinitiv.
Statistics Canada says sales were down in 9 of 21 industries, led by reduce sales in a travel apparatus and petroleum and spark products industries.
Sales of travel apparatus fell 6.0 per cent to $9.9 billion in Jan due to longer proxy shutdowns during some public plants as good as a new closure of a General Motors plant in Oshawa, Ont. Petroleum and spark product sales fell 5.2 per cent to $5.9 billion due to reduce sales volumes and reduce prices.
In volumes terms, production sales fell 0.4 per cent.
“With 5 uninterrupted months of conveyance declines now on a books, this is a unsatisfactory recover that paints a design of diseased underlying movement in a Canadian economy streamer into a COVID-19 outbreak,” TD Bank economist Omar Abdelrahman said.
Scotiabank economist Derek Holt agrees with that assessment, observant in a note to clients Tuesday “what this altogether set of total continues to tell us is that a production zone was in severe figure good before tellurian supply bondage and direct got rattled by a COVID-19 shock.”
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Article source: https://www.cbc.ca/news/business/manufacturing-sales-january-1.5500105?cmp=rss