Statistics Canada reports strong manufacturing sales in January:
Manufacturing sales rose 2.3% in January to $53.1 billion, the highest level on record. Higher sales of motor vehicles, food, and motor vehicle parts were largely responsible for the gains. More than 85% of the increase in January came from these three industries. Conversely, sales of petroleum and coal products fell 5.9% as prices continued to decline in the industry.
Constant dollar sales rose 2.4% to their highest level since July 2008, indicating that volumes of goods sold reached levels not recorded since before the 2008-2009 recession.
Sales rose in 16 of 21 industries, representing more than 80% of the manufacturing sector.
Motor vehicle sales increased 9.6% in January to $6.6 billion, the highest level since November 2000. This was the largest increase in the industry since March 2015. The gains in the motor vehicle industry were the result of two key factors: changes in the industry toward higher-end models and the lower value of the Canadian dollar.
There are always those who see only doom and gloom, but this is, I believe, undeniably a positive report.