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Free AccessMNI ANALYSIS:Cdn Oct Mfg Sales Disappoint;Weak Transportation>
--Total Sales -0.4% M/M; Excluding Autos And Parts +0.3% M/M
By Yali N'Diaye
OTTAWA (MNI) - Manufacturing sales disappointed in October, as they
contracted 0.4%, while analysts in a MNI survey had expected a 1.0%
increase, data from Statistics Canada showed Friday.
The disappointment was reinforced by the slight downward revision
to September's estimate, with sales growth now estimated at 0.4% instead
of the 0.5% initially reported.
In addition, it was not a price story as volumes contracted 1.5%,
more than offsetting gains of 0.6% in September and 0.9% in August.
Amid declining sales, inventories rose 1.6%, the largest gain since
last February.
That being said, forward-looking indicators were encouraging, with
unfilled orders up 2.4%, the largest gain since July 2015, and new
orders up 5.3%, the largest increase since April 2016.
Furthermore, weakness was concentrated in 8 of 21 industries,
including the heavy weight transportation equipment sector, which
recorded a 5.0% drop.
In particular, auto sales fell 6.7% on the month on a 7.6% drop in
volumes, with the agency citing decreased production after shutdowns of
some assembly plants during the month.
In addition, strikes likely affected the parts industry, which
posted a 1.6% decline.
Excluding autos and parts, sales edged up 0.3%, marking their third
consecutive increase. The last time this category posted a decrease was
in June (-1.3%), with sales flat in July.
Other transportation equipment plunged 37.2% on the month, with
volumes down 37.9%.
Excluding autos and the volatile other equipment category, sales
increased 0.5%.
Another negative was a volume-led 1.4% decrease in machinery sales,
which did not bode well for investment activity.
On the other hand, petroleum and coal rose 2.2%, supported by a
1.1% gain in volumes.
Sales excluding petroleum and coal fell 0.7% on the month,
following a 0.5% decrease in September.
Overall, sales in non-durable goods industries edged up 0.1%.
However, volumes were down 0.4%. Durable goods sales decreased 0.9%,
with volumes down 2.4%.
Regionally, sales decreased in six provinces, led by Ontario
(-2.2%), the manufacturing heart of the country, along with Quebec
(-0.4%).
--MNI Ottawa Bureau; email: yali.ndiaye@marketnews.com
[TOPICS: MACDS$,M$C$$$]
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.