Canada Manufacturing Slips Again on Lower Crude and Coal Sales

By: Tomas Ronolski - AllPennyStocks.com News

Friday, November 15, 2024

Canadian manufacturing endured another month of losses as sales fell 0.5 percent in September. This follows a 1.3 percent decline in August, which was lowest level since January 2022.

Weak global demand for energy dragged petroleum and coal products 7.5 percent lower. After rising sharply in August, aerospace products and parts retreated, falling 4.2 percent. Excluding crude and coal, total manufacturing sales rose 0.4 percent for the month. Motor vehicle sales increased 2.9 percent driven by higher sales in Ontario, following four consecutive monthly declines.

By region, manufacturing sales fell in six provinces in September. The largest declines were posted in Quebec and Saskatchewan, while sales in New Brunswick increased the most. Total inventory levels edged down 0.4 percent, the lowest since July 2022, on lower inventories in 10 of 21 subsectors, while unfilled orders increased.

The monthly manufacturing survey collects information on sales, inventories, production capacity, and unfilled orders. Canada’s 90,000 manufacturers directly generate 9.5 percent of Canada's real gross domestic product and account for 60 percent of the country's outbound goods.

The slowing manufacturing data will be closely analyzed before the Bank of Canada's final meeting of 2024 in December.

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