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Thursday, June 18, 2015

Canadian Recession Imminent As Manufacturing Sales Plunge

No matter how it is spun, Canada is edging close to a recession, as the latest manufacturing numbers from Statistics Canada confirm.

Sales in the latest quarter plummeted 2.1 percent to $49.8 billion during April, resulting in overall manufacturing sales down 7.3 percent from the same period in 2014.

Inventories also were up 80 basis points, reaching a record $72.3 billion. The Bank of Canada has suggested that a weaker Canadian dollar and lower operational costs in the oil and gas industry would drive the manufacturing base of Canada back up. I believe that's only wishful thinking.

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