Investing.com - Financial Markets Worldwide
🧐 ProPicks AI October update is out now! See which stocks made the listPick Stocks with AI

UPDATE 1-Canada factory sales rise more than expected in January

Published 2016-03-16, 08:40 a/m
© Reuters. UPDATE 1-Canada factory sales rise more than expected in January

(Adds data from report)
OTTAWA, March 16 (Reuters) - Canadian manufacturing sales
rose far more than expected at the start of the year, driven by
a jump in sales of motor vehicles, auto parts and food, data
from Statistics Canada showed on Wednesday.
The 2.3 percent increase in January topped analysts'
forecasts for a gain of 0.5 percent and pushed sales up to a
record C$53.13 billion ($39.8 billion). December was also
revised up to a 1.4 percent gain.
While some of the month's increase was due to the
depreciation of the Canadian dollar, which can increase prices,
volumes were robust with a 2.4 percent increase. Volume levels
were at their highest since before the 2008-2009 recession.
Sales of vehicles surged 9.6 percent, the biggest increase
since March 2015. The weaker Canadian dollar and a shift toward
production of higher-end, more expensive models boosted the
sector. Vehicle parts sales rose for the fifth consecutive month
with a 4.0 percent increase.
Food sales rose 4.6 percent with the volume of food sold the
highest in more than 10 years. The report noted that the food
industry is usually one of the more stable industries in the
manufacturing sector.
The overall increase in sales could boost economic growth
expectations for the month. After better-than-anticipated growth
in the fourth quarter, analysts already expect the economy could
exceed the Bank of Canada's 1 percent growth forecast in the
first quarter.
($1 = $1.3358 Canadian)

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.