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Free AccessMNI DATA IMPACT: Canadian Mfg Sales +1.0%, Top Expectations>
By Yali N'Diaye
OTTAWA (MNI) - The following are the key points from the January
data on the Canadian manufacturing sales released Friday by Statistics
Canada:
- Sales increased 1.0% on the month, topping the market consensus
of +0.4%. The upside surprise was reinforced by the upward revision to
December reading, now at -1.1% instead of the -1.3% initially reported.
Real sales were up 1.4% on the month, the largest gain since February
2018, following two months of 1.0% decreases.
- Gains were widespread in 15 of 21 industries, representing 55.9%
of manufacturing trade, with durables up 1.1% and non-durables up 0.8%.
Petroleum and coal was unchanged as volumes rose 2.0% while prices fell
1.9%. Aerospace weighed on the headline sales figure, as overall sales
excluding aerospace were up 1.5%.
- Inventories increased 1.2%, leaving the inventory-to-sales ratio
unchanged at 1.50.
- Forward looking indicators were better than the what the headline
figures suggested. Unfilled orders fell 1.0%, the largest drop since
November 2017. However, they increased 0.4% excluding aerospace. New
orders fell 11.9%, following a 10.9% gain in December. They rose 1.2%
excluding aerospace, the largest increase since February 2018.
- The capacity utilization rate climbed 2.6 percentage points to
78.4%. It increased 3.9 percentage points to 79.8% for non-durable
industries, and 1.4 percentage points to 77.1% for durables.
--MNI Ottawa Bureau; email: yali.ndiaye@marketnews.com
[TOPICS: M$C$$$,MACDS$]
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