What’s wrong with Canada’s manufacturing? The engine Poloz hopes will drive country’s recovery is misfiring

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The health of manufacturing is key to how quickly Canada can rebound from the oil shock, with policy makers counting on gains in non-energy exports to return the economy to full capacity.

What is going on with Canada’s manufacturing?

One of the bigger economic disappointments over the past couple of years has been the Canadian factory sector’s inability to catch fire on the back of a tumbling currency, and offset damage from the oil shock. As the dollar rebounded in the last few months, manufacturing began to pare even the measly gains it had been making.

Factories eliminated 48,300 jobs in March and April, the biggest two-month decline since the 2008-09 recession. Statistics Canada reported Tuesday factory owners plan to cut capital spending by 11 per cent this year, the biggest drop since 2009.

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