Statistics Canada says manufacturing sales rose 0.5 per cent in August – CTV
Oct. 14, 2021
OTTAWA – Canadian manufacturing sales rose 0.5 per cent to $60.3 billion in August, helped by gains in the petroleum and coal sector and higher chemical sales, Statistics Canada said Thursday.
The overall increase followed a decline of 1.2 per cent in July.
Total manufacturing sales in August were up 14.9 per cent on a year-over-year basis.
TD Bank economist Omar Abdelrahman said together with recent positive data including the September jobs report that the Canadian economy appears to be on track to record a solid rebound in the third quarter.
“However, the manufacturing sector still has significant lost ground to make up,” Abdelrahman wrote in a report.
“Looking past the monthly noise, sales volumes have exhibited a zigzag pattern since the beginning of the year. Shipment volumes remain far detached from their recent peak reached in March, let alone their pre-pandemic levels.”
