Investing.com - Canadian manufacturing sales rose more-than-expected in May, easing concerns over the country’s economic outlook, official data showed on Wednesday.
In a report, Statistics Canada said that manufacturing sales increased by a seasonally adjusted 1.6% in May, beating expectations for a 1.3% gain.
Manufacturing sales for April were revised down to a 0.2% decline from a previously reported drop of 0.1%.
The gain was largely due to higher sales in the petroleum and coal product and motor vehicle industries.
Sales rose in 11 of 21 industries, representing about 61% of the manufacturing sector.
Following the release of the data, the Canadian dollar was lower against its U.S. counterpart, with USD/CAD rising 0.03% to hit 1.0762.
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