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Manufacturing sales rose 0.5% in September to $53.7 billion, with an increase in sales of non-durable goods offsetting a decline in durable goods.

Statistics Canada says the increase was led by higher sales in the petroleum and coal product industry as seven of 21 industries gained ground.

Sales of non-durable goods rose 1.7% to $25.4 billion, while sales of durable goods fell 0.5% to $28.4 billion.

In constant dollars, overall sales increased 0.7%, indicating a higher volume of manufactured goods were sold in the month.

The petroleum and coal product industry saw sales grow 10.3% to $5.5 billion, boosted by gains in prices and volumes.

Meanwhile, sales in the transportation equipment industry fell 0.7% to $10.3 billion as sales in the motor vehicles and motor vehicle parts sectors lost ground.

Nick Exarhos, senior economist at CIBC Capital Markets, said the rise went against expectations of a 0.5% decline. The September numbers are “modestly positive” for the Canadian dollar, he wrote in a note, and “a slight negative for the front end of the bond curve.”

“All told, today’s results were better than we were expecting, but the narrow scope of the increase and the still troubling trend in export volumes continues to point to reasons for concern ahead,” he said.

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Originally published on Advisor.ca
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