Mon, Mar 01, 2021 @ 01:47 GMT
Home Contributors Fundamental Analysis Canada Manufacturing Sales Edged Higher in September

Canada Manufacturing Sales Edged Higher in September

  • Sales rose 1.5%, remained 3.6% below pre-shock (February) levels
  • Sale volumes rose 2.1%
  • Early manufacturing sector data for October was mixed

Manufacturing sales continued to edge higher in September, though held below pre-shock levels and were down 6.2% from a year ago. Early data for October was mixed. Manufacturing hours worked edged down 1.1% but were within 1.5% of year-ago levels. The October Markit manufacturing PMI also eased albeit to a still high 55.5. The rise in September manufacturing sales was led by increases in chemical and wood products.

The more pressing immediate concern remains accelerating COVID-19 spread and re-imposition of containment measures. Employment in accommodation & food services fell 48k in October as restaurants, gyms, etc. shut down once again in some of the country’s hot spots. To-date, most containment measures (both in Canada and abroad) have been concentrated in the already hard-hit hospitality sector. Overall employment still rose in October. But the spread of virus will remain a limit on the recovery in the economy until a vaccine can be widely distributed.

RBC Financial Group
The statements and statistics contained herein have been prepared by the Economics Department of RBC Financial Group based on information from sources considered to be reliable. We make no representation or warranty, express or implied, as to its accuracy or completeness. This report is for the information of investors and business persons and does not constitute an offer to sell or a solicitation to buy securities.

Featured Analysis

Learn Forex Trading