Manufacturing Sales Rise For Sixth Consecutive Month

Manufacturing sales rose 2.5 per cent to $70.2 billion in March, the sixth consecutive monthly increase, says Statistics Canada. Sales rose in 16 of 21 industries, led by the petroleum and coal (+9.1 per cent). The wood product sector had sales of $4.65 billion, up 2.7 per cent over sales of $4.53 billion in the year-ago period. The machinery industry posted the largest decline (-4.9 per cent). On a quarterly basis, sales rose 6.5 per cent in the first quarter of 2022, the seventh consecutive quarterly gain and the largest increase since the third quarter of 2020. Sales in constant dollars were unchanged in March, indicating that the entire increase in current dollar sales was driven by higher prices Manufacturing sales increased in all provinces in March, led by Ontario. In Ontario, sales rose 2.4 per cent to $30.1 billion in March following a 6.6 per cent gain in February. Total inventory levels marked another increase, rising 2.6 per cent to $110.9 billion in March. The inventory-to-sales ratio was unchanged at 1.58 in March.