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2026-02-16 21:33:29
[Canadian Manufacturing Sector Experiences a Tale of Two Extremes: Slight Increase in Shipments, Accelerated Inventory Reduction] ⑴ Latest data shows a divergent picture in Canadian manufacturing. December manufacturing shipments increased by 0.6% month-over-month, indicating some resilience on the demand side. ⑵ However, the growth was driven by a modest expansion in new orders and unfulfilled orders, which increased slightly by 0.2% and 0.4% respectively compared to November, suggesting weak momentum for further growth. ⑶ Notably, there were significant changes in inventory levels. December manufacturing inventories decreased by 1.2% compared to November, indicating a faster pace of destocking. This brought the inventory-to-shipments ratio down to 1.69:1, a slight decline from the previous period. ⑷ The slight increase in shipments coupled with accelerated inventory reduction reflects that companies may be proactively adjusting inventory levels to cope with future uncertainties. The market is currently closely watching whether this trend will continue in subsequent data.
