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Market Update: Canada Manufacturing Sales Drop More than Expected
Canada’s manufacturing sales dropped 2.1 percent from a month earlier to CAD 57.1 billion in April of 2021, following an upwardly revised 4.0 percent gain in March and almost double than market expectations of 1.1 percent decline. The latest reading pointed to the largest fall in manufacturing sales since last Aprils record plunge, mostly weighed down by transportation equipment (-23.6 percent), amid a worsening global semiconductor chip shortage, which forced every major auto manufacturer to halt or slow down production. Additionally, sales fell in other 10 of 21 industries, including the petroleum & coal industry (-7.1 percent), due to planned maintenance shutdowns at some refineries; followed by sales of non-metallic mineral products (-5.6 percent); paper manufacturing (-0.7 percent); and plastic & rubber products (-1.5 percent). Excluding the effect from the transportation equipment industry, sales went up 1.1 percent, the 12th straight month of increases. source: Statistics Canada [/s2If]
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