Manufacturing sales up again in May
July 23, 2008 by Manufacturing AUTOMATION
Ottawa, Ont. – Manufacturing sales in Canada have posted their biggest gain since March 2007, according to a new Statistics Canada report.
The report found that manufacutring sales in May rose 2.7 per cent from April to $51.4 billion. This marks the fourth time in five months the number has risen.
StatsCan says nearly half of that growth can be attributed to May sales of petroleum and coal products, which climbed 9.2 per cent to $7.7 billion from the previous month. Sales of petroleum and coal products have also jumped by almost 20 per cent since this past March, amid record-shattering oil prices.
But the news isnÃt all good. While May manufacturing sales rose among 16 of 21 industries, representing 94 per cent of total manufacturing sales, they still remained below May 2007 levels and well below the peak of $53.1 billion in March of last year.
Manufacturers reported gains in nine provinces, with only Prince Edward Island reporting a decrease in May. Saskatchewan and Alberta led the pack, with gains of 8.6 per cent and 8.5 per cent, respectively.
Meanwhile, manufacturers reported a 1.3 per cent increase in inventory levels in May, which rose to $66.3 billion. In particular, inventories were up at primary metal, machinery, and petroleum and coal product manufacturers, mainly due to higher prices.