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- Canada’s manufacturing sales increase in line with expectations in March
Canada’s manufacturing sales increase in line with expectations in March
Statistics
Canada released its Monthly Survey of Manufacturing, which showed that the
Canadian manufacturing sales climbed 3.5 percent m-o-m in March to CAD57.84 billion
(highest level since June 2019), following a revised 1.1 percent m-o-m drop in February
(originally a 1.6 percent m-o-m decline). This marked the largest monthly
increase in manufacturing sales since July 2020.
Economists
had anticipated a gain of 3.5 percent m-o-m for March.
According
to the survey, sales grew in 17 of 21 industries, led by the motor vehicle (+10.5
percent m-o-m), petroleum and coal product (+6.2 percent m-o-m) and food manufacturing
(+2.7 percent m-o-m) industries.
Overall,
sales of durable goods surged 4.3 percent m-o-m in March, while sales of
non-durable goods rose 2.7 percent m-o-m.
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