A report published by Statistics Canada this morning revealed a downturn in new motor vehicle sales by approximately 1.1%. The figure mildly surprised investors as expectations were for a monthly growth of 1.8%, mildly down from the previous month’s 2.0% growth reading.
The news, however, does not seem out of touch with levels of investment, consumer spending and manufacturing output from across the globe. Canada’s manufacturing and industrial sectors were seen in decline these past several weeks and it only makes sense for consumers to put off buying a new vehicle while gas prices continue to soar.
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