BUSINESS

Canada Manufacturing Sales: May 2012 Sees 4th Drop In 5 Months, StatsCan Says

07/17/2012 08:50 EDT | Updated 09/16/2012 05:12 EDT
CP
OTTAWA - Statistics Canada says manufacturing sales declined 0.4 per cent to $48.7 billion in May, the fourth decrease in five months.

A 9.6 per cent drop in sales in the petroleum and coal industry reflected temporary shutdowns at some refineries.

The agency says the drop was offset by gains in the aerospace product and parts industry.

In all, sales fell in 13 of 21 industries, representing approximately two-thirds of manufacturing.

Four provinces accounted for the drop in sales, with Ontario and Alberta posting the largest declines in dollar terms.

Meanwhile, inventories rose 2.1 per cent in May to $66 billion and StatsCan says total inventories were at their highest level since January 2009.

Also on HuffPost

The 10 Fastest Shrinking Manufacturing Sectors In Canada