(RTTNews) - Canadian manufacturing sales rose at more than double the expected rate in July, snapping back from three straight months of declines after the tsunami in Japan.
Manufacturing sales rose 2.7 percent to C$46.7 billion in July, according to figures released Thursday morning by Statistics Canada.
Economists expected a rise of 1.2 percent from the previous month, following a revised drop of 1.08 percent in June.
More than three-quarters of the sales gains in July were in Ontario. The petroleum and coal products, primary metal and fabricated metal product industries led the gains.
Coal and petro product sales jumped 6.2 percent, as production rose following interruptions for maintenance in June.
Sales rose 5.5 percent in the motor vehicle industry, but dropped 17.5 percent for makers of aerospace product and parts.
Inventory levels edged down 0.1 percent in July, the first decline since September 2010. The largest decline was reported in the petroleum and coal product industry.
Unfilled orders rose 2.2 percent in July to C$60.1 billion, the seventh consecutive monthly increase, and highest level since April 2009.
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