Canada factory sales fall more than expected in April
OTTAWA (Reuters) - Canadian manufacturing sales fell in April, the third decline in four months, on lower sales of food and aerospace products and parts, data from Statistics Canada showed on Monday.
Sales dropped 2.1 percent, exceeding economists' expectations for a decline of 0.5 percent, while March was revised down to 2.7 percent.
Overall, sales fell in 8 of the 21 industries, accounting for nearly two-thirds of all Canadian manufacturing. Constant dollar sales slipped 1 percent, pointing to a lower volume of goods sold.
Sales of food tumbled 5.7 percent, the largest decline since August 2013, with declines seen across the industry. Production in the aerospace industry dropped 17.8 percent as the recent appreciation in the Canadian dollar reduced the value of sales and inventories in the industry.
New orders fell 5.6 percent as the higher value for the Canadian dollar also weighed on new orders for the aerospace sector.
Inventories rose for a fourth month in a row, gaining 0.8 percent to C$72.3 billion ($58.5 billion), the highest on record since the series began in 1992. The inventory-to-sales ratio rose to 1.45.
(Reporting by Leah Schnurr; Editing by Bernadette Baum)
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