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Dec 19, 2022

Slow Rise In October Manufacturing Sales

Manufacturing sales rose 2.8 per cent to $72.6 billion in October with sales increasing in 12 of 21 industries, led by the petroleum and coal and food industries, says Statistics Canada. The motor vehicles and machinery industries posted the largest monthly declines. Compared with the same month last year, total sales were up 16.5 per cent. Sales in constant dollars were unchanged in October, indicating that the entire increase in current dollar sales was driven by higher prices as the Industrial Product Price Index rose 2.4 per cent in October. The wood industry declined 1.8 per cent in October, the machinery industry declined 1.7 per cent, and the primary metal industry declined 0.8 per cent. Sales rose in seven provinces, led by Alberta, Quebec, and Ontario. The increases were partly offset by lower sales in British Columbia. Total inventory levels increased at their lowest monthly pace, in dollar terms, since March 2021, edging up 0.3 per cent to $122.2 billion for the month, on higher prices as the volume of inventory levels dipped 0.8 per cent in the same month. The gains were led by the primary metal (+2.8 per cent), plastics and rubber (+2.6 per cent), and wood product (+1.8 per cent) industries.

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