Manufacturing sales took a breather in November
Sales were, however, still higher than last year
By Siddhartha Bhattacharya, ATB Economics 18 January 2023 1 min read
According to new data from Statistics Canada, revenues from factory sales in Alberta eased in November after reaching a record high in October.
The value of seasonally-adjusted manufacturing shipments fell $280 million (-3.0%) to $9.2 billion in November.
Lower revenues for chemicals (-13.5%) and refined petroleum products (-5.3%) drove most of the decline and overshadowed a slight uptick in food manufacturing (+1.2%).
The story, however, is still less pessimistic when compared to 2021. Relative to the first eleven months of 2021, year-to-date factory revenues in 2022 were up by $22.2 billion (+28.8%) with the appreciation in prices responsible for less than half of the increase.
Despite the deepest monthly pullback among the provinces, Alberta’s year-to-date gain (on a percentage basis) was second highest (after New Brunswick) in Canada.
The value of manufacturing shipments nationally stood mostly unchanged in November as weakness across the Prairies was largely offset by gains elsewhere in the country.
Answer to the previous trivia question: "I Have a Dream" is a public speech that was delivered by American civil rights activist Martin Luther King Jr. during the March on Washington for Jobs and Freedom on August 28, 1963.
Today’s trivia question: An economic force unto itself, where is the 57th NFL Super Bowl being played in 2023?