Wholesale and Manufacturing Down in November
CBJ — The Canadian economy showed signs of weakness in November as both wholesale and manufacturing sales fell according to figures released by Statistics Canada.
Wholesale trade fell an even 1% in November to $63 billion, more than offsetting the 0.7% increase in October.
Meanwhile, manufacturing sales fell 1.4% to $57.3 billion in November, the second consecutive monthly decrease.
Manufacturing sales were down in 13 of 21 industries, representing 45.3% of total manufacturing sales. In volume terms, manufacturing sales fell just under 1%.
The petroleum and coal product industry fell 13.8% due to lower prices for petroleum and coal products as well as maintenance and turnaround work at some refineries and lower production at other refineries.
Partially offsetting the decline was a 1.3% increase in the transportation equipment industry and a 1.5% increase in the food industry.
Meanwhile, wholesale sales were down in five of seven subsectors. In volume terms, wholesale sales fell 1.2%.
The machinery, equipment and supplies subsector fell 2.3%, while sales in the building material and supplies subsector dropped 1.9%.