Canada manufacturing sales
- Prior month -1.5% revised to -2.1%
- Canada manufacturing sales for January 4.1% versus a 3.9% expected
- manufacturing sales come in a $73.9 billion in January
- there were increases in 16 of 21 industries
- petroleum and coal products +10.1% (comes after two months of declines)
- motor vehicles a +13.4%. Up for the third consecutive month. Auto sales were the highest level since July 2020
- food +3.4%. Gain comes after two consecutive monthly declines
- aerospace products and parts -11.2%
- chemicals -2.8%
- Woods -4.9%
- Sales in constant dollars were up 3.8% in January indicative of higher volumes playing a significant role in the sales gain on a current dollar basis
- inventory levels +0.3% to $120.7 billion driven by higher inventories and machinery primary metals and food and beverage and tobacco
- inventory sales ratio declined from 1.7 months to 1.63 months in January
- unfilled orders rose 1.0%
The data is impressive with a stronger-than-expected gain this month. However the prior month was revised down to -2.1% negating some of the positive.. In November, the month was unchanged.
