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UPDATE 1-Canada factory sales jump more than expected in July
September 17, 2013 / 12:37 PM / in 4 years

UPDATE 1-Canada factory sales jump more than expected in July

* Sales rise 1.7 pct vs estimate of a 0.5 pct advance

* Most industries report higher sales

OTTAWA, Sept 17 (Reuters) - Canadian manufacturing sales jumped by a much greater than expected 1.7 percent in July from June, pushed higher by gains in most sectors, Statistics Canada data indicated on Tuesday.

Analysts had predicted sales would rise 0.5 percent from June. The month-on-month increase was the largest since the 3.5 percent leap in February.

Petroleum and coal product industry sales advanced by 2.4 percent on higher prices while miscellaneous manufacturing sales jumped 23.9 percent on strength in the jewelry and silverware industry. The sector had slumped by 20.0 percent in June.

Of 21 industries, 15 posted higher sales in July. Constant dollar sales grew by 1.1 percent, indicating that most of the overall July increase was volume-based.

New orders dropped by 1.7 percent after rising by 3.2 percent in June. Unfilled orders increased by 0.4 percent while the inventory-to-sales ratio dipped to 1.40 from 1.41 in June, edging further away from the almost four-year high of 1.43 it hit in April.

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