Canadian manufacturing sales for the final quarter started off on a good note, an advance estimate shows. PHOTO by Pexels.
Total manufacturing sales rose 2.0% in October, according to an advance estimate provided by Statistics Canada.
The agency provides advance estimates to stay on top of the evolving economic situation. The advance estimate was calculated based on a weighted response rate of 60.3%. The average final response rate for the survey over the previous 12 months has been 94.2%. 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.
If the estimate proves accurate it shows Canadian manufacturing remains resilient in the face of economic headwinds. In September, following four consecutive monthly declines, manufacturing sales stayed steady at $70.4 billion, Statistics Canada reports. Growth in October would mean the final quarter of the year started on a positive note.
Durable goods were the main source of sales growth in September, increasing 1.0% to $34.1 billion, following a decline of 2.0% in the previous month. Among durable goods manufacturers, aerospace product and parts (+11.1%), primary metal (+2.9%) and machinery (+3.6%) posted the largest gains during the month.
