OTTAWA (Reuters) - Canadian factory sales fell by a greater-than-expected 3.3 percent in August from July’s record level, marking the first fall of the year and the steepest drop since May 2009, according to Statistics Canada data on Thursday.
However, July’s increase was revised up to 2.9 percent from 2.5 percent. The median forecast in a Reuters survey was for a 1.6 percent fall in August. The volume of sales declined by even more, 3.7 percent. The figures are seasonally adjusted.
About half the fall in sales was in the auto sector, with lower oil refining also a major contributor to the decline.
New orders were also down 3.8 percent after July’s 4.0 percent rise.
Reporting by Randall Palmer; Editing by Chizu Nomiyama