Canadian manufacturing sales higher in June
Sales for Canada's manufacturing sector increased in June by 2.1 per cent over May to reach $52.5 billion, Statistics Canada said Friday.
The government agency said it was the fifth sales increase in six months for the sector.
Adjusting to constant dollars, sales were up by 0.6 per cent to $47.0 billion in June.
"Industrial prices for petroleum and coal, chemical products, wood products, and motor vehicles rose notably during the month," Statistics Canada said.
The biggest factor in June's gains came from petroleum and coal product manufacturers. Sales in that sector rose by 6.4 per cent, as prices were up by 6.2 per cent in the month.
Motor vehicle manufacturers in June posted their fourth gain in six months as sales rose by 4.2 per cent.
However, motor vehicle manufacturing sales totalled only $4.2 billion, below the $5.0 billion monthly average for 2007.
"Canadian manufacturers had a solid month in June, but the underlying fundamentals remain challenging," said Robert Kavcic of BMO Capital Markets.
"Slowing U.S. demand, a restructuring auto sector and high input costs should continue to act as a major headwind," Kavcic said in a commentary.
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