- Prior month 0.5% revised from 0.3%
- Manufacturing sales rose 1.7% versus 2.0% estimate.
- Wholesale trade rose 1.2% versus 1.8% estimate. The prior month was revised higher to 0.3% from -0.2% previously reported.
- Capacity utilization rate (not seasonally adjusted) for the total manufacturing sector increased from 75.9% in December to 79.6% in January
Details of the report:
- Motor vehicle industry sales increased 11.1%.
- Petroleum and coal product sales grew 4.7%.
- Chemical product sales fell 7.4% to $5.0 billion, the largest decline.
- Year-over-year total manufacturing sales rose 3.0% in January.
Looking at the different industries:
Sales increased in eight provinces, with Ontario and Alberta leading the gains, while Newfoundland and Labrador saw the biggest decline.
Ontario sales rose 1.7% to $31.1 billion, driven by motor vehicles (+12.6%) and motor vehicle parts (+6.1%).
- Motor vehicle sales reached the highest level since November 2023.
- Year-over-year: Motor vehicle sales up 0.8%, motor vehicle parts up 0.2%.
Alberta sales increased 2.9% to $9.0 billion, the highest since September 2023.
- Growth driven by petroleum and coal (+4.9%) and food (+2.8%), partially offset by a 5.0% decline in chemical products.
- Year-over-year: Sales up 8.2%.
Newfoundland and Labrador sales fell 26.9% to $329 million, due to a 38.1% drop in non-durable goods.
- Year-over-year: Sales still 11.7% higher in January.
Looking at inventories
- Total inventories increased 1.2% to $121.2 billion in January.
- Raw material inventories rose 2.1%, and finished product inventories grew 1.6%.
- Goods in process inventories declined 0.6%.
- Largest inventory increases:
- Miscellaneous products +29.1%
- Aerospace products and parts +5.3%
- Food +2.5%
- Largest inventory decline: Machinery subsector -2.1%.
- Inventory-to-sales ratio decreased slightly from 1.67 in December to 1.66 in January.
This article was written by Greg Michalowski at www.forexlive.com.
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