CANADA'S LEADING INFORMATION SOURCE FOR THE METALWORKING INDUSTRY

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CANADA'S LEADING INFORMATION SOURCE FOR THE METALWORKING INDUSTRY

CANADA'S LEADING INFORMATION SOURCE FOR THE METALWORKING INDUSTRY

Advance forecast calls for drop in manufacturing sales in October

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Canadian manufacturing sales are forecasted to show a 2.7% drop for October, according to Statistics Canada's advance estimate. Sales had grown 0.4% in September. PHOTO courtesy Okuma.

Statistics Canada’s advance estimate of sales in the manufacturing sector for October shows sales dropping by 2.7% for the month.

The largest decreases are expected in the petroleum and coal product, machinery, and transportation equipment subsectors.

In September manufacturing sales rose 0.4% to $72.8 billion, on higher sales in 10 of 21 subsectors. On a quarterly basis, total sales rose 1.3% in the third quarter of 2023 and on a year-over-year basis, sales increased 3.3% in September.

However, when total manufacturing sales are measured in constant dollars, they actually declined 0.6% in September, indicating a lower volume of goods sold. The Industrial Product Price Index was up 0.4% in September.

Sales for fabricated metal manufacturers in September were down 1.3% compared to the previous month but they were still strong enough to show a 2.5% year-over-year gain.

Statistics Canada’s advance estimate for October was calculated based on a weighted response rate of 69.1%. The average final response rate for the survey over the previous 12 months has been 94.8%. As Statistics Canada continues to collect data for the October reference month, this early indicator is subject to a higher revision rate than its regular monthly release.

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