Manufacturing sales were not able to maintain their upward trajectory in June, an advance estimate from Statistics Canada indicates. PHOTO courtesy BLM.
Advance results indicate that total manufacturing sales decreased 2.1% in June, according to a Statistics Canada “flash estimate.”
The largest declines were focused on the petroleum and coal product, chemical, and food product industries.
Manufacturing sales increased 1.2% to $72.9 billion in May, following a 0.1% decline in April, mainly driven by higher sales of motor vehicles (+4.8%) and machinery (+4.2%), Statistics Canada reports.
Year over year, total sales were up 0.2% in May of this year compared to May of 2022.
Total sales in constant dollars rose 2.2% in May, indicating a higher volume of goods sold.
Statistics Canada provides an advance estimate of sales in the manufacturing sector as a way to stay on top of rapidly evolving economic situations.. This estimate was calculated based on a weighted response rate of 66.9%. The average final response rate for the survey over the previous 12 months has been 94.5%. As Statistics Canada continues to collect data for the June reference month, this early indicator is subject to a higher revision rate than its regular monthly release.
The official estimate of manufacturing sales for the month of June, which will be based on a more complete set of survey and administrative data, is scheduled for release on August 15.