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UPDATE 1-Canadian factory sales fall less than expected in Aug

Published 2015-10-16, 08:38 a/m
© Reuters. UPDATE 1-Canadian factory sales fall less than expected in Aug

OTTAWA, Oct 16 (Reuters) - Canadian manufacturing sales
decreased far less than expected in August after three
consecutive months of gains, weighed by lower sales of petroleum
and coal products, data from Statistics Canada showed on Friday.
Factory sales fell 0.2 percent, not as steep as the 1.0
percent decline economists had forecast. Sales were down in
eight out of the 21 main industries, accounting for about half
the sector. In volume terms, sales fell by 0.1 percent.
Sales declined for a third consecutive month in the
petroleum and coal product sector, falling 5.2 percent as both
prices and the volume of products sold declined.
The steep drop in the price of oil, a major export for
Canada, put the country in a mild recession in the first half of
the year but economists and policymakers expect growth picked
back up in the second half of 2015.
The decline in factory sales in August was tempered by a 6.7
percent increase in sales in the motor vehicle assembly industry
after maintenance shutdowns in July.
New orders tumbled 5.6 percent due to declines in the
aerospace product and parts sector, while overall inventories
rose 0.5 percent.

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