Statistics Canada says manufacturing sales fell 2.0 per cent to $71.6 billion in May
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Canadian manufacturing sales fell 2.0 per cent to $71.6 billion in May as auto production fell in the month, Statistics Canada said Thursday.
The agency said the first drop in manufacturing sales after seven consecutive months of gains came as sales fell in 11 of the 21 industries it tracks.
Transportation equipment sales were down 15.7 per cent in the month at $8.5 billion as sales in the motor vehicle industry fell 31.9 per cent to $3.3 billion in May due to retooling at auto assembly plants and semiconductor part shortages.
Despite the decline, motor vehicle sales were up 41.3 per cent compared with a year ago.
Facing a $1.4 billion deficit shortfall, the provincial government says its large-animal vet service will be privatized over the next three years.
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Markets in Canada and the U.S. continued to trade lower while oil went up late morning on Friday as inflationary fears prevailed among investors.
Gold prices fell by 1.8 per cent on Friday as the dollar strengthened on a report that the United States will deploy extra troops in the Middle East, fanning concerns of higher oil prices, inflation, and with it, elevated interest rates.
Canada’s federally backed farm lender is offering financial aid to farmers, agricultural businesses and food companies hit by the spike in fertilizer and energy prices, it said on Friday.
Statistics Canada says retail sales were up 1.1 per cent at $70.7 billion in January, led by sales at motor vehicle and parts dealers.
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Wall Street is stumbling toward the finish line of a fourth straight losing week on Friday, but an ease in oil prices is taking some of the pressure off stock markets worldwide.