Canada's manufacturing sales beat expectations in October on higher prices for petroleum products.
Factory sales rose 2.8 per cent that month, Statistics Canada reported Wednesday in Ottawa. That's a bigger increase than a 2 per cent gain expected by economists in a Bloomberg survey and by the agency's own early estimate. Compared with a year earlier, total sales were up 16.5 per cent.Sales increased in 12 of 21 industries, led by the petroleum and coal, food and chemical industries. Motor vehicles and machinery posted the biggest monthly declines.
The stronger-than-expected increase, however, was driven by price increases. Sales in constant dollars were unchanged in October and remain below pre-pandemic levels. Volumes have been mostly flat in recent months, pointing to fading momentum. The data highlight the extent to which prices are masking what many economists expect to be the beginning of an economic slowdown. Most analysts expect output to be flat in the first two quarters of next year, with some forecasting a recession.
Total inventory levels increased at their lowest monthly pace, in dollar terms, since March 2021, edging up 0.3 per cent in October. The inventory-to-sales ratio fell to 1.68 in October, from 1.73 in September.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Canadian vegan fast-food chain expanding to U.S., Europe - BNN BloombergCanadian vegan fast-food chain Odd Burger Corp. is expanding into the U.S. and Europe with 50 new locations planned to open over the next eight years.
Read more »
Statistics Canada says household debt-to-income ratio climbed higher in third quarter - BNN BloombergStatistics Canada says the amount Canadian households owe relative to their income rose in the third quarter.
Read more »
nesto raises $80 million Series C financing round to accelerate Canadian expansion – Canadian Investornesto raises $80 million Series C financing round to accelerate Canadian expansion CanadiansInvest
Read more »
Canada faces a serious shortage of STEM skills – Canadian InvestorCanada faces a serious shortage of STEM skills CanadiansInvest
Read more »
Western Canada: Wait times up in emergency rooms across Canada, according to federal dataData show things were slightly worse in British Columbia: 90% of such visits were completed within 47.7 hours in 2021-22, compared with 32.8 hours the year prior
Read more »
Activist Sandpiper launches board fight at First Capital REIT - BNN BloombergActivist investor Sandpiper Group is seeking board changes at First Capital Real Estate Investment Trust, heaping more pressure on the Canadian real estate company to improve its performance.
Read more »