Cyber Monday Deal: Up to 60% off InvestingProCLAIM SALE

UPDATE 1-Canadian January manufacturing sales rise on non-durables

Published 2017-03-17, 09:08 a/m
© Reuters.  UPDATE 1-Canadian January manufacturing sales rise on non-durables

(Adds sector details, analyst comment)

By Leah Schnurr

OTTAWA, March 17 (Reuters) - Canadian manufacturing sales unexpectedly rose in January for the third month in a row, driven by a gain in sales of non-durable goods, including petroleum and coal products, data from Statistics Canada showed on Friday.

The 0.6 percent increase in manufacturing sales topped economists' expectations for a decline of 0.2 percent, while volumes rose 0.7 percent. Sales were up in 14 of 21 industries, accounting for 75.4 percent of the manufacturing sector.

The figures could bolster expectations for the strength of the economy at the start of the year following a positive hand-off from fourth-quarter growth.

"Importantly for GDP, volumes increased by 0.7 percent, and now appear to be on the cusp of breaking out of the sideways range they've been in for more than two years," Nick Exarhos, economist at CIBC Capital Markets, said in a research note.

"All told, a solid first indicator for January GDP, and with a strong hand-off from the fourth quarter of last year, (the first quarter) is tracking a greater than 2 percent growth pace," Exarhos added.

The petroleum and coal sector jumped 7.0 percent, lifted by both higher prices and sales volumes. Stripping out the effect of price changes, volumes for the sector were up 2.1 percent.

Chemical sales rose 2.5 percent, the third increase in four months, on higher demand from farmers for pesticides and other agricultural chemicals, which typically occurs at the start of the season. Overall, sales in non-durable goods sectors rose 2.3 percent, while durable goods sales slipped 0.8 percent.

New orders jumped 4.6 percent, the biggest increase since last April, on an increase in orders from aerospace products and parts and vehicles.

Latest comments

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.