Canadian manufacturing sales cooled of in January after a strong fourth quarter of 2011, reflecting a drop in production from the aerospace industry.
Manufacturing sales declined 0.9 percent to C$49.6 billion in January, the second decrease in seven months, according to figures released Friday by Statistics Canada.
Excluding the aerospace industry, sales were virtually unchanged from December.
Production in the aerospace product and parts industry dropped 34.0 percent to C$913 million, but the automobile industry continued to strengthen.
Motor vehicle sales rose 2.6 percent to C$4.5 billion, the seventh consecutive month of sales increases.
Inventories rose 1.1 percent in January to C$65.3 billion, the 15th gain in 16 months.
In other news, foreign investors reduced their holdings of Canadian securities by C$4.2 billion in January after a cumulative acquisition of C$55.1 billion in the previous six months.
by RTT Staff Writer
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