Factory sales in Alberta pulled back in June on lower refinery product and chemical sales.  Despite the decline, sales in the first half of the year came in higher than the same time last year.

According to new Statistics Canada data, the value of seasonally-adjusted manufacturing shipments in Alberta fell by 8.0% to $8.5 billion in June, the lowest level since January 2022.

Over 80% of the monthly decline was due to lower refined petroleum products (-12.8%) and chemical (-17.6%) sales, both of which reversed course after an uptick in May.

With the steep decline in June, the value of factory sales in Q2 2023 fell 4% from Q2 2022 and posted the first year-over-year drop in quarterly revenues since Q4 2020. The story was echoed nationally too.

Revenues over the first half of 2023, however, remained above last year’s level. Driven by increases in the value of machinery, food, and fabricated metals, Alberta posted an increase of $575 million (+1.1%) YTD through June.

Meanwhile, weaker housing demand continued to impact wood product revenues. Driven largely by lower prices, revenues were down 43.4% YTD in Alberta and 33.2% YTD nationally.

Overall, much of the aggregate YTD gain in revenues continued to be a by-product of greater volumes being shipped out as national industrial product prices eased for the seventh straight month in June and stood 1.9% lower YTD.

Led by Ontario (+6.9% YTD), national factory sales increased 2.5% YTD relative to the first half of 2022 despite prices trending lower.

Answer to the previous trivia question: US President Ford declared inflation “public enemy number one” in 1974.

Today’s trivia question: How many semiconductor units did chip companies ship in 2021?