Out of 7 wholesale subsectors, 5 saw a decline.
The string of bad economic data continues, adding to growing fears that Canada’s economy is slowing and even heading towards a possible recession.
Both factory & wholesale sales fell in November.
Wholesale sales fell by 1%, while factory sales were down by 1.4%.
Economic growth estimates were an anemic 1.3% for the 4th quarter of 2018.
According to BNN Bloomberg, “The weakness in wholesale was broad-based, and larger than what economists had been anticipating. Five of seven wholesale subsectors recorded declines in November. Economists had been anticipating a 0.3 percent drop for the month.”
Economists also were off on their predictions of factory sales. While they predicted a 1% drop, factory sales actually fell 1.4%.
Out of 21 manufacturing industries, 13 saw a fall in sales. The worst drop was in the refinery industry, which was down 14%.
This data comes as the Bank of Canada has lowered predictions for upcoming economic growth, and leaders like Ontario Premier Doug Ford warn that the Trudeau carbon tax could push Canada into a recession.
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