Factory sales plunge in record drop

by investor on 16/02/09 at 12:54 pm

Assembly line workers handle engines for Chrysler. The downturn in manufacturing sales was considerably worse than the 5.3% drop that had been projected by analysts.

Factory sales in Canada posted their biggest decline on record in December, with the downturn affecting virtually every industry group and province, Statistics Canada reported Monday.

Manufacturing sales plunged 8% to $44.2-billion in December from $48-billion in November, the fifth consecutive month of falling values, and the worst since the federal agency began delivering the current series of data in 1992.

The downturn was considerably worse than the 5.3% drop that had been projected by analysts.

“Declines were widespread in December, as sales fell in 20 of 21 manufacturing industries,” Statistics Canada said.

“All provinces, with the exception of Prince Edward Island, posted lower manufacturing sales in December, ranging from a drop of 14.2% in both Nova Scotia and Saskatchewan to a 2.4% decrease in Manitoba.”

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