By Paul Vieira
OTTAWA–Statistics Canada, the country’s main data-gathering agency, said Wednesday early indicators suggest manufacturing sales rose 3.1% in November.
The data agency said the estimate is subject to revision, as more information comes in. Official November data for Canadian manufacturing is scheduled for release on Jan. 17.
October’s manufacturing report indicated sales rose sharply, 4.3%, after a decline in the previous month. On a one-year basis, manufacturing shipments climbed 13.3% in October.
Data covering Canada’s gross domestic product in October is set for release Thursday, and the consensus call among Canadian economists is for a 0.8% month-over-month advance. The economics team at Bank of Nova Scotia said it’s real-time forecasting tool points to 6.6% annualized growth in the fourth quarter, although warning that is subject to downward pressure due to heavy flooding in British Columbia and new economic restrictions fueled by the Covid-19 Omicron variant.
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