Canada's monthly factory sales rose almost twice as fast as expected in July, the first gain in four months, driven by increased production in the petroleum and coal products, primary and fabricated metals, and vehicle
industries. Total manufacturing sales rebounded 2.7% to C$46.74 billion (US$47.17 billion) - the fastest pace and highest level since January - following a revised 1.3% decline in June, Statistics Canada said Thursday.
Although sales had been expected to bounce back in the wake of a jump in July's exports, the consensus call was for a milder 1.4% increase from the originally estimated 1.5% drop the prior month.
Sales volume increased 2.8%, also the fastest increase since January.
StatsCan said over three-quarters of the sales gains were in Ontario, spurred by the transportation equipment, petroleum and coal products and miscellaneous industries.
Nationwide, 15 of the 21 industries representing 74.8% of total manufacturing reported higher sales.
Shipments in the petroleum and coal products industry rose 6.1% to C$6.2 billion as refineries ramped up production after shutdowns for maintenance and retooling the previous month.
Some plants in the primary metal industry, which includes iron, steel and cooper mills, also boosted output following maintenance shutdowns, leading to a 7.6% gain in sales to C$4.3 billion, the highest level since October 2008.
Sales in the fabricated metal products industry jumped 8.7% to C$2.9 billion, a level that was 93.3% of the record reached three years ago.
Shipments in the motor vehicle increased 5.5% to C$3.4 billion while sales of vehicle parts were up 5.1% to C$1.6 billion, likely reflecting a fading of the supply-chain disruptions from the Japanese earthquake and tsunami.
Total sales excluding motor vehicles, parts and products rebounded 2.3% to C$41.64 billion following a 1.5% decline the previous month.
Meanwhile, sales in the catch-all miscellaneous manufacturing industry surged 24.8%.
Overall, sales rose in seven provinces, with the largest dollar term gains in Ontario, Alberta and Quebec.
Manufacturing inventory levels fell 0.1%, the first decline since September 2010, to C$63.16 billion, with 13 of the 21 industries reporting declines, led by petroleum and coal products and aerospace product and parts. Inventories of machinery and primary metals rose. The manufacturing inventory to sales ratio dropped to 1.35 from 1.39.
The backlog of unfilled orders rose 2.2% to C$60.08 billion, the seventh straight increase and new orders were up 1.3% to C$48.05 billion.
0 comments:
Post a Comment