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Jan 19, 2023

November Manufacturing Sales Flat

Manufacturing sales were flat at $72.3 billion in November, as higher sales of durable goods (+1.8 per cent), led by motor vehicles (+12.7 per cent) and fabricated metal products (+2.7 per cent), were offset by lower sales of non-durable goods (-1.7 per cent), led by the chemical (-4.4 per cent) and petroleum and coal product (-2.1 per cent) industries, says Statistics Canada. Sales in volume terms edged up 0.1 per cent in November, while the Industrial Product Price Index declined 0.4 per cent. Sales in the wood product industry fell five per cent year over year while sales in the furniture and related product industry climbed 15.3 per cent. Manufacturing sales increased in seven provinces, led by Ontario and Quebec, while Alberta and Manitoba recorded the largest declines. Total inventory levels declined 0.5 per cent to $121.6 billion in November, marking the first monthly decrease since December 2020, mainly from lower inventories in the machinery, transportation equipment, and chemical industries. The inventory-to-sales ratio declined from 1.69 in October to 1.68 in November. This ratio measures the time, in months, that would be required to exhaust inventories if sales were to remain at their current level.

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