Canadian manufacturing shipments unexpectedly dropped 0.5% in September from August due to a “hefty decline” in vehicle sector output, Statistics Canada said on Tuesday.
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Analysts surveyed by Reuters had forecast an average rise of 0.6% in the value of September shipments from August.
Statscan reportedly said it revised August’s “red-hot” pace to 3.1% from a preliminary 3.3%.
“Extensive declines in motor vehicle manufacturing resulted in an 8.2% drop in shipments to C$5.7 billion ($4.75 billion),” Statscan said, according to Reuters. “The soaring cost of gasoline coupled with the recent rise in interest rates could put a further damper on the short-term prospects of the motor vehicle industry.”
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