Manufacturers boosted output in January: Stats Canada
Ottawa, ON -- The Canadian economy advanced by 0.2% in January 2005 due to a rebound in retailing activity and rene...
Ottawa, ON — The Canadian economy advanced by 0.2% in January 2005 due to a rebound in retailing activity and renewed vigour in manufacturing, according to Statistics Canada.
The economy also grew by 0.2% in December 2004. Manufacturers boosted their output in January after a lacklustre fourth quarter as demand for machinery and equipment continued unabated. Shoppers did not wait long after Christmas to use their gift cards, prodded by favourable weather in most parts of the country.
Industrial production (the output of factories, mines and utilities) rose by 0.3%, restrained by a 1.3% decrease in the output of utilities brought about by the relatively mild January weather. Output of the mining, oil and gas sector increased by 0.1% as oil and gas extraction and exploration were both reduced.
Manufacturing activity moved ahead by 0.6% due to increased demand for aerospace products and for heavy-duty trucks, as well as the continued demand for machinery.
In the United States, the Index of Industrial Production edged up 0.1% with manufacturing gains overshadowed by decreased output of utilities, while the output of mines was flat.