• Prior month 0.5% revised from 0.3%
  • Manufacturing sales rose 1.7% versus 2.0% estimate.
  • Wholesale trade rose 1.2% versus 1.8% estimate. The prior month was revised higher to 0.3% from -0.2% previously reported.

Details of the report:

  • Motor vehicle industry sales increased 11.1%.
  • Petroleum and coal product sales grew 4.7%.
  • Chemical product sales fell 7.4% to $5.0 billion, the largest decline.
  • Year-over-year total manufacturing sales rose 3.0% in January.

Looking at the different industries:

  • Sales increased in eight provinces, with Ontario and Alberta leading the gains, while Newfoundland and Labrador saw the biggest decline.
  • Ontario sales rose 1.7% to $31.1 billion, driven by motor vehicles (+12.6%) and motor vehicle parts (+6.1%).
    • Motor vehicle sales reached the highest level since November 2023.
    • Year-over-year: Motor vehicle sales up 0.8%, motor vehicle parts up 0.2%.
  • Alberta sales increased 2.9% to $9.0 billion, the highest since September 2023.
    • Growth driven by petroleum and coal (+4.9%) and food (+2.8%), partially offset by a 5.0% decline in chemical products.
    • Year-over-year: Sales up 8.2%.
  • Newfoundland and Labrador sales fell 26.9% to $329 million, due to a 38.1% drop in non-durable goods.
    • Year-over-year: Sales still 11.7% higher in January.
Source: Forex Live