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

Total manufacturing inventories continue to increase

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The rise in manufacturing inventories is being driven by higher goods in process and finished product inventories. PHOTO courtesy Samuel Service Center.

Total inventories rose for Canadian manufacturing increased 0.5% to $124.2 billion in November, the highest level on record, according to Statistics Canada.

The increase was driven by higher goods in process (+1.1%) and finished product (+0.6%) inventories.

Higher inventories of transportation equipment (+2.3%), machinery (+2.0%) and petroleum and coal (+2.1%) led the increase.

The inventory-to-sales ratio declined from 1.74 in October to 1.73 in November. This ratio measures the time, in months, that would be required to exhaust inventories if sales were to remain at their current level.

The total value of unfilled orders declined 0.8% to $101.5 billion in November, primarily due to a 2.5% decline in unfilled orders of aerospace products and parts. As 2023 neared its end, many aerospace manufacturers were filling their backlog orders, resulting in lower total unfilled orders.

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