Total manufacturing sales increased 1.7% MoM to $73.0 billion in January, below the 2.0% MoM advance figure.

• Sales were mainly higher on increases in the motor vehicle industry group (+11.1% MoM) as well as the petroleum and coal product subsector (+4.7% MoM).
• Chemical product sales declined the most, down -7.4% MoM to $5.0 billion in January. On a year-over-year basis, total manufacturing sales rose 3.0% in January.
• On a constant dollar basis, sales increased 0.9% MoM in January, while the Industrial Product Price Index rose 1.6% MoM.
• Total inventories rose 1.2% MoM to $121.2 billion in January, on higher raw material (+2.1% MoM) and finished product (+1.6% MoM) inventories.

The advance estimate of Canada’s manufacturing sales in April pointed to a -2.0% MoM decline, well below expectations of no growth. This would be the largest decline since October 2023.

• The largest decreases were in the petroleum and coal product subsector and motor vehicle industry group.
• This estimate was calculated based on a weighted response rate of 59.0%