Canada’s manufacturing sales fell for the first time in eight months, driven by semiconductor part shortages and retooling of assembly plants in the auto sector.
(Bloomberg) —
Factory receipts dropped 2% in May, Statistics Canada reported Thursday in Ottawa. That’s in line with economists’ expectations for a decline of 2.4%.
Sales fell in 11 of 21 industries, with motor vehicle, primary metal and miscellaneous manufacturing industries leading the decrease, the statistics agency said. Stripping away prices, factory sales fell 3.9% in volume terms.
Total inventory levels rose 1.6% on the month to a fresh record high, while the inventory-to-sales ratio increased to 1.59 in May, from 1.54 in April.
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