Canada’s manufacturing sales rise less than forecast in May

Statistics Canada released its Monthly Survey of Manufacturing on Wednesday, which showed that the Canadian manufacturing sales climbed 1.6 percent m-o-m in May to CAD58.91 billion, following a revised 0.4 percent m-o-m decline in April (originally a 0.6 percent m-o-m drop).

Economists had anticipated an advance of 2.0 percent m-o-m for May.

According to the survey, sales increased in 12 of 21 industries, representing 66.2 percent of total manufacturing sales. The transportation equipment industry (+8.1 percent m-o-m) posted the largest advance in May. Sales also increased in the fabricated metal product (+3.1 percent m-o-m), chemical (+2.1 percent m-o-m), the petroleum and coal product (+2.0 percent m-o-m) and machinery (+1.7 percent m-o-m) industries. These gains, however, were partially offset by declines in the food (-1.7 percent m-o-m), primary metal (-2.1 percent m-o-m) and printing and related support activities (-5.6 percent m-o-m) industries.

Overall, sales of durable goods rose 3.0 percent m-o-m in May, while sales of non-durable goods edged up 0.1 percent m-o-m.