Surge in Factory Sales in September Unable to Meet Expectations
On the back of a more stable economy and stronger automotive industry, manufacturing sales in factories across the country managed to record a substantial rise; however, not as much as expected. During the month, factory sales surged 1.4% to $41.7 Billion, as has been confirmed by figures shared by Statistics Canada.
“Manufacturing sales have increased in three of the past four months, after dropping to a recent low of $38.5 billion in May. Despite the recent gains, sales remained 18.6 per cent below September 2008 levels", the federal agency said.
Sales of motor vehicles hiked by 16.4% to $3.8 Billion in September this year, which has been the highest level recorded since September 2008. Despite that, the figures have managed to disappoint economists who were pegging the growth figure to rise by 1.6%.
Official figures shared by Statistics Canada last week confirmed that September recorded stronger than expected total exports. Experts have been quick to assert that improving exports are a definite sign of a recovering economy. Canada's trade deficit fell to $927 in September.
A rise of 12.4% in shipment of goods to overseas nations, the EU in particular, was recorded for the month of September, further pointing to an improving economy.