The Monthly
Survey of Manufacturing, released by
Statistics Canada on Friday, showed that Canadian manufacturing sales increased
by 2.1 per cent m-o-m in October to CAD70.78 billion, following an unrevised 0.5 per cent m-o-m drop in September. This marked
the strongest monthly advance in manufacturing sales since January 2023 (+3.9
per cent m-o-m).
Economists
had anticipated a rise of 1.3 per cent m-o-m.
According to
the survey, 12 of 21 industries posted gains in sales in October, led by the petroleum
and coal product (+15.9 per cent m-o-m), textile mills (+10.2 per cent m-o-m),
textile product mills (+6.9 per cent m-o-m), and electrical equipment,
appliance and component (+6.5 per cent m-o-m) subsectors. On the contrary, the leather and allied product (-9.0 per
cent m-o-m) and paper manufacturing (-3.5 per cent m-o-m) industries posted the
biggest declines.
Overall, sales
of durable goods increased 1.1 per cent m-o-m in October, while sales of
non-durable goods surged 3.1 per cent m-o-m.
In y-o-y terms,
manufacturing sales slipped 0.2 per cent in October.