By Jamie Barrie S tatistics Canada results are showing that manufactur- ing sales grew by 1.1 percent to $54.6 billion in May, these results were better than what economists were expecting and show the third consecutive monthly gain for the sector with the transportation equipment and chemical manufacturing industries leading the charge. According to Thomson Reuters, Economists had expected a gain of 0.8 per cent for the month, so an increase of 1.1 percent far exceeds expectations with sales up in 16 of 21 industries, representing 71 percent of the manufacturing sector. Transportation equipment sales rose 4.2 percent to $11.5 billion on the back of the motor vehicle and the motor vehicle parts industries. Chemical manufacturing sales climbed 2.4 percent to $4.4 billion. In constant-dollar terms, overall sales were up 1.1 per cent, indicating that it wasn’t just higher prices that boost the figure — more total goods were sold, too. However, given the recent gains of the Canadian dollars against its American counterpart, because of interest hikes by the Bank of Canada these gains will most likely balance out but for now are good signs for the Canadian economy.
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JULY 2017 • SPOTLIGHT ON BUSINESS MAGAZINE
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