Canada enjoys growth in manufacturing sector
Factory sales rose by 0.8 percen...
Canada has enjoyed a surprisingly strong surge in its manufacturing sector, offering hope for the country’s industry.
Factory sales rose by 0.8 percent in June, and it is hoped that this will set a pattern. Ontario has taken the reigns of this increase, leading the way with the production of machinery and transportation equipment.
Statistics Canada showed that factories have been working their way back from a one percent drop in May, and sales rose in 15 of the 21 tracked industries.
Manufacturing data has been in flux in a pattern that has been repeating in a loop since the 2008-9 recession. Maintaining this increase may prove challenging, but Mike Holden, Director of Policy and Economics at Canadian Manufacturers & Exporters, remains hopeful (as reported by Financial Post):
“So, it did go up in June. It was a decent increase and we saw some growth in some of the sectors that had been struggling recently — machinery, fabricated metals and motor vehicles. It’s too early to point to that as being the beginning of a turnaround. It’s good news. It’s better to be growing than not.
“But I think we’d have to wait for a few more months of data before we point to that (June report) as a new upward trend.”