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- Canada’s manufacturing sales climb more than anticipated in May
Canada’s manufacturing sales climb more than anticipated in May
Canada’s
manufacturing sales climb more than anticipated in May
Statistics
Canada released its Monthly Survey of Manufacturing on Wednesday, which showed
that the Canadian manufacturing sales surged 10.7 percent m-o-m in May to CAD40.19
billion, following a revised 27.9 percent m-o-m plunge in April (originally a 28.5
percent m-o-m drop. the largest on record), as many manufacturers resumed
operations following full or partial shutdowns related to COVID-19 during the
previous month. This was the largest increase in manufacturing sales on record.
Economists had
forecast a 9.5 percent m-o-m climb for May.
According to
the survey, sales increased in 18 of 21 industries, led by transport equipment
(+81.7 percent m-o-m) and petroleum and coal products (+18.6 percent m-o-m)
industries.
Overall, sales
of durable goods industries surged 18.9 percent m-o-m in May, while sales of
non-durable goods industries rose 4.4 percent m-o-m.
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