Investing.com - Canadian manufacturing sales rose more-than-expected in January, easing concerns over the country’s economic outlook, official data showed on Tuesday.
In a report, Statistics Canada said that manufacturing sales increased by a seasonally adjusted 1.5% in January, beating expectations for a 1% gain. Manufacturing sales for December were revised down to a 1.5% decline from a previously reported drop of 0.9%.
The increase mostly reflected higher sales in the primary metal, food and miscellaneous industries.
Sales were up in 12 of 21 industries, representing about 46% of the manufacturing sector sales in January. On the durable goods side of manufacturing, sales were up 2.0% while non-durable goods sales rose 1.0%.
Following the release of the data, the Canadian dollar was higher against its U.S. counterpart, with USD/CAD shedding 0.16% to hit 1.1034.