Manufacturing Sales Up in August
CBJ — Canadian manufacturing sales in August jumped much more than expected on widespread strength, reinforcing expectations that broad economic growth rebounded in the third quarter.
Statistics Canada report that sales rose by 0.9% from July to hit $51.12 billion as eight of the country’s 10 provinces recorded increases.
Sales advanced in 15 of 21 industries, representing 69% the manufacturing sector, while in volume terms sales climbed by 1.2%.
The Bank of Canada is projecting a healthy third quarter recovery after a major wildfire in Alberta in May caused the economy to shrink in the second quarter.
Sales in the food industry rose by 1.7% in August to hit a record $8.57 billion, while the primary metals industry posted a 3.6% gain to reach $3.89 billion.
Sales of transportation equipment, the largest of the 21 industries, dropped by 1.1% to $10.55 billion as unusual one-week shutdowns at some automobile assembly plants cut sales of motor vehicles. Plants usually schedule closures in July.