The Wall Street Journal (1/19, Vieira, Subscription Publication) reported that Statistics Canada announced Friday that Canadian manufacturing sales rose 3.4% in November, exceeding expectations. The Journal added that Royal Bank of Canada economists had forecast a 2% increase.
The Canadian Press (1/19, Wong) reported that the sales surge was “driven by sales of transportation equipment, petroleum and coal products and the chemical industry.” TD Bank Senior Economist James Marple wrote about the data, saying, “with November’s strength largely reflecting a reversal of earlier production interruptions, the path forward remains somewhat unclear.” Marple added, “Healthy job gains, rising incomes, and a strong outlook south of the border all bode well for manufacturers, but NAFTA uncertainty continues to hang over the outlook.”
The Canadian Press wrote that Statistics Canada “said 12 of 21 industries, representing 81 per cent of the manufacturing sector, gained ground in November. Manufacturing sales volumes rose 2.5 per cent for the month after higher petroleum prices and other price changes were removed.”