Statistics Canada says higher prices lift manufacturing and wholesale sales higher & More News Here

OTTAWA – Canadian manufacturing sales and wholesale commerce figures climbed higher in March, however the features got here on account of higher prices.

Statistics Canada mentioned Monday manufacturing sales rose 2.5 per cent to $70.2 billion in March, nevertheless sales in fixed {dollars} have been unchanged.

Meanwhile, wholesale sales rose 0.3 per cent in March to $79.8 billion, however in fixed greenback phrases sales fell 0.6 per cent for the month.

Nikita Perevalov, director of financial forecasting at Scotiabank, mentioned the disappointing figures sowed some doubts in regards to the sturdiness of Canadian financial development.

“The two releases showed relatively weak growth after stripping out strong price increases, which might be a reflection of economic conditions more broadly,” Perevalov wrote in a report.

“While the weakness in the data releases this morning could be chalked up to volatility in the context of lockdowns and reopenings during the Omicron wave in Canada, it also fits the overall global macroeconomic narrative where strong price increases for all manner of goods and services combine with a weakening of growth in what is called a ‘stagflation.’”

Statistics Canada mentioned the achieve in manufacturing sales have been led by the petroleum and coal product trade which elevated 9.1 per cent in March as higher prices offset a 1.0 per cent drop in volumes bought.

Meanwhile, sales of main metals rose 6.5 per cent in March to $5.8 billion, a report excessive, boosted by higher prices for unwrought aluminum and aluminum alloys and hot-rolled iron or metal merchandise.

Statistics Canada mentioned prices for a lot of main metals have been up with tight world provide on account of COVID-19 restrictions in China and sanctions in opposition to Russia due to its invasion of Ukraine.

Sales within the equipment sector fell 4.9 per cent to $3.6 billion in March, whereas sales of different transportation gear dropped 41.0 per cent to $227.8 million which was attributed to seasonal modifications within the manufacturing of leisure transportation gear.

The features in wholesale sales got here because the constructing materials and provides sector rose 3.8 per cent to $14.1 billion, whereas the motorcar and motorcar equipment and components subsectors gained 2.6 per cent at $11.8 billion.

Meanwhile, wholesale sales of equipment, gear and provides fell 4.0 per cent to $16.2 billion.

This report by The Canadian Press was first printed May 16, 2022.

SHARE:

I’ve tried to offer all types of reports to all of you latest news today 2022 by way of this web site and you will like all this information very a lot as a result of all of the information we at all times give on this information is at all times there. It is on trending matter and regardless of the newest information was

it was at all times our effort to succeed in you that you simply hold getting the most recent information and you at all times hold getting the knowledge of reports by way of us totally free and additionally inform you individuals. Give that no matter info associated to different kinds of information will probably be

made out there to all of you so that you’re at all times linked with the information, keep forward within the matter and hold getting today news all kinds of information totally free until right this moment so that you could get the information by getting it. Always take two steps ahead