Economy
Steel Sales Boost Canada Manufacturing Sales in January
Written by Sandy Williams
March 17, 2014
Canadian manufacturing sales took its largest jump since February 2013, rising 1.5 percent to $50.4 billion. (Note all dollar amounts are Canadian: 1 Canadian dollar = $.90 US dollar.)
Sales were up in 45 percent of the manufacturing sectors in January with primary metal sales leading the gains. Sales for primary metals jumped 8 percent to $3.8 billion due to higher sales by iron and steel mills and ferro-alloy manufacturers, along with an increase in prices.
New orders increased to $54 billion from $52.6 billion in December and $50.8 billion in January 2013.
Manufacturing inventories were up 3.6 percent to $71.4 billion with higher inventory levels seen in almost all manufacturing industries. Aerospace product and parts led the inventory increase, jumping 6.7 percent to $8.1 billion. The higher value was partly due to the increase in value of the US dollar over Canadian currency (aerospace industry inventories are held in US dollars).
At current sales levels current inventories would be exhausted in 1.42 months compared to 1.39 months in December.
Unfilled orders rose 4.8 percent to $78.4 billion, with 75 percent of those orders within the aerospace industry. Machinery industry unfilled orders increased 4.3 percent after declining for the past five months. (Source: Statistics Canada)
Sandy Williams
Read more from Sandy WilliamsLatest in Economy
Trump taps Lutnick to be Commerce Secretary
President-elect Donald Trump has named Wall Street veteran Howard Lutnick as the new US Secretary of Commerce.
New York state manufacturing activity ramps up to multi-year high
New York state’s manufacturing sector saw substantial recovery in November, according to the latest Empire State Manufacturing Survey from the Federal Reserve Bank of New York.
CRU: Dollar and bond yields rise, metal prices fall as Trump wins election
Donald Trump has won the US presidential election. The Republican party has re-taken control of the Senate. Votes are still being counted in many tight congressional races. But based on results so far, the Republicans seem likely to maintain control of the House of Representatives. If confirmed, this will give Trump considerable scope to pass legislation pursuing his agenda. What this means for US policy is not immediately obvious. Trump will not be inaugurated until Jan. 20. In the coming weeks and months, he will begin to assemble his cabinet, which may give a clearer signal on his policy priorities and approaches. Based on statements he made during the presidential campaign, we have set out the likely direction of his economic policy here and green policy here.
ISM: Manufacturing index fell in Oct to lowest point of ’24
Domestic manufacturing contracted for the seventh straight month in October, according to the latest report from the Institute for Supply Management (ISM). This marks the 23rd time in the last 24 months that it has been in contraction.
Chicago Business Barometer slips in October
The Chicago Business Barometer fell to a five-month low in October and continues to indicate deteriorating business conditions, according to Market News International (MNI) and the Institute for Supply Management (ISM).