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Apr 17, 2023

Manufacturing Sales Fall After Rise

Canadian manufacturing sales declined 3.6 per cent to $71.5 billion in February, following a 4.5 per cent increase in January, says Statistics Canada. The decreases were observed in 12 of 21 industries, led by the petroleum and coal product (14.9 per cent), motor vehicle (12.3 per cent), and primary metal (4.2 per cent) industries. Conversely, the machinery (three per cent) and electrical equipment, appliance, and component (six per cent) industries posted the largest increases. Year over year, total sales were up 3.8 per cent in February. Manufacturing sales decreased in nine provinces in February, primarily driven by lower sales in Alberta, Ontario, and Quebec. Prince Edward Island was the only province where sales were unchanged. Total inventory levels rose 0.9 per cent to $122.3 billion in February, marking a new record high, with increases in finished products (1.7 per cent) and goods in process (1.7 per cent). Fabricated metal (2.8 per cent) and wood products (three per cent) were among the sectors with the largest declines. The inventory-to-sales ratio increased from 1.63 in January to 1.71 in February. The total value of unfilled orders rose 0.6 per cent to $109.1 billion in February. The total value of new orders decreased 2.7 per cent to $72.2 billion in February.

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