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- Canada’s manufacturing sales plunge more than forecast in April
Canada’s manufacturing sales plunge more than forecast in April
Statistics
Canada released its Monthly Survey of Manufacturing on Monday, which showed
that the Canadian manufacturing sales tumbled 28.5 percent m-o-m in April to CAD36.37
billion, following a revised 9.8 percent m-o-m decline in March (originally a 9.2
percent m-o-m drop), as many manufacturing plants operated at limited capacity
or ceased operations completely in April due to COVID-19. That was the largest
decline in manufacturing sales on record.
Economists had
forecast an 18.7 percent m-o-m plunge for April.
According to
the survey, sales decreased in all 21 industries, led by sharp declines in the
transportation equipment (-76.4 m-o-m percent, the largest decrease on record) and petroleum and coal
product (-46.4 m-o-m percent, the largest drop on record) industries.
Overall, sales
of durable goods industries declined 38.3 percent m-o-m in April, while sales
of non-durable goods industries plunged 18.7 percent m-o-m.
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