Canadian factory sales jump by a record 10.7% in May as plants reopen

Credit: REUTERS/Carlos Osorio

Adds details of release, background

July 15 (Reuters) - Canadian factory sales jumped by a record 10.7% in May from April as many manufacturers resumed operations following partial shutdowns related to the coronavirus outbreak, Statistics Canada said on Wednesday.

Analysts in a Reuters poll had forecast a gain of 9.5% in May. Statistics Canada revised the record-breaking April decline to 27.9% from an initial plunge of 28.5%.

Canada shuttered most non-essential businesses, beginning in mid-March, and ordered people to stay at home to slow the spread of the coronavirus, but has since been gradually reopening its economy.

Of the 21 industries monitored by Statistics Canada, 18 rose, led by the motor vehicle, motor vehicle parts and petroleum and coal products segments. In volume terms, sales rose by 8.8%.

Despite the jump, total manufacturing sales in May were 28.4% below their pre-pandemic level in February.

Graphic - Canadian manufacturing sales

Graphic - Canada economic snapshot

(Reporting by David Ljunggren in Ottawa;)

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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