Canada’s manufacturing sales fell -0.9% MoM and -4.1% YoY in May 2025 to $68.7 billion, the lowest level since January 2022, driven by weakness in petroleum (-8.4% MoM) and machinery (-2.7% MoM).

• In constant dollars, sales declined -0.7% MoM; the Industrial Product Price Index fell -0.5% MoM.
• Inventories rose 0.7% MoM to $120.3 billion; the inventory-to-sales ratio increased from 1.72 to 1.75, its highest since May 2020.
• Aerospace production rose 6.9% MoM, while unfilled orders fell -0.4% MoM, led by a -1.4% drop in aerospace.
• Sales in Alberta dropped -6.6% MoM and -9.3% YoY, while Quebec fell -2.3% MoM and -7.7% YoY.
• The manufacturing sector's capacity utilization rate rose to 78.6% (from 76.4%), with strong gains in non-metallic minerals, food, and chemicals.