OTTAWA—Canadian manufacturing sales rose more than expected in April, but economists cautioned the gain is likely temporary due to the disruption caused by the Alberta wildfires in May. Statistics Canada says manufacturing sales rose 1.0 per cent to $50.4 billion in April, the first increase following two consecutive months of declines. The Alberta forest fires that destroyed parts of Fort McMurray in May are expected to be a significant drag on the economy, with many predicting a contraction for the second quarter. Economists had expected a gain of 0.6 per cent from March, according to Thomson Reuters. Royal Bank senior economist Nathan Janzen said the shutdown of close to 50 per cent of Canada’s non-conventional oil production due to forest fires and the evacuation of Fort McMurray will weigh on May and June.

Source: thestar June 15, 2016 17:38 UTC