Canadian manufacturing sales post record gain in June: StatsCan
STATISTICS CANADA REPORTED today that manufacturing sales climbed a record 20.7 per cent in June to $48.7 billion as production returned following widespread shutdowns earlier in the year.
The increase was led by the motor vehicle and motor vehicle parts industries and followed growth of 11.6 per cent in May.
Economists on average had expected an increase of 16.4 per cent for June, according to financial markets data firm Refinitiv.
Sales in the transportation equipment industry more than doubled to $8.8 billion in June as most factories in the automotive sector returned to full production following shutdowns earlier in the pandemic.
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Sales in the petroleum and coal product industry also rose by 31.5 per cent to $3.3 billion in June due to higher prices and volumes as refineries ramped up production.
Despite the gains, total manufacturing sales in June were 13.2 per cent below their pre-pandemic level in February.