Canadian Manufacturing Still in Woeful Shape
July 16, 2009
A 6.0% monthly plunge in factory sales in May was the largest drop since January and left the level at a 10-1/2 year low. In the ten months between July 2008 and May, sales plunged 28.8%, while new orders sank by a steeper 37.7%. The inventory:sales ratio is still rising and, at 1.64, has climbed 0.39 points since July 2008. Routine plant shutdowns in the automotive sector exacerbated the bad May results, but the underlying trend remains more disappointing than in Canada’s southern neighbor. Analysts had anticipated a drop in sales that would have been somewhat less than 4%.
Copyright Larry Greenberg 2009. All rights reserved. No secondary distribution without express permission.
Tags: Canadian Dollar
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