Canada’s manufacturing beats expectations

By Staff, with files from The Canadian Press | July 16, 2014 | Last updated on July 16, 2014
1 min read

Statistics Canada says manufacturing sales rose 1.6% in May to $51.6 billion, the fourth increase in five months.

Economists had expected a gain of 1%, according to Thomson Reuters.

Read: Manufacturing rebounds in June

Sales rose in 11 of 21 industries, representing about 61 per cent of the manufacturing sector.

The agency says the gain was largely due to higher sales in the petroleum and coal product and motor vehicle industries.

Read: Careful: Canadian stocks are near record highs

Sales of petroleum and coal products rose 7.2% to $7.4 billion in May, while motor vehicle industry sales increased 9.3 per cent to $4.9 billion.

Sales declined 2% in the food industry, offsetting some of the overall gains in May.

Read: BoC to lay low, says economist

“All told–a postitive release, with the volunte suggesting a solid positive contribution to monthly GDP,” said Nick Exarhos, an economist at CIBC World Markets, in a release.

The Canadian Press logo

Staff, with files from The Canadian Press

The Canadian Press is a national news agency headquartered in Toronto and founded in 1917.