Canadian manufacturing sales jump 1.5% in November; Foreign securities purchases drop more than expected

Canadian manufacturing sales rebounded sharply in November, helped by the primary metals, petroleum and coal industries. Statistics Canada reported Canada's manufacturing sales advanced 1.5% month-over-month in November, following the preceding month's upwardly revised gain of 0.6% and topping analysts expectations' for a 0.2% increase. That was the largest increase since April, when sales climbed 1.6%. Sales picked up in 14 out of the 21 industries, accounting for 68% of Canadian manufacturers' profits. In volume terms, sales rose 1.2% in the eleventh month of the year. In the primary metals industry sales advanced 9.1%, after falling for two straight months. Sales of petroleum and coal products grew 3.7%, as oil refineries resumed production in full after maintenance works. In Canada's chemical manufacturing industry sales climbed 3.4%, posting the fifth straight monthly rise. Back in November, manufacturing sales rose in 10 provinces with Alberta and Quebec contributing most to the overall monthly increase. Separately, Statistics Canada reported foreign investments in the government's securities declined more than expected in November. Purchases of Canadian securities dropped to C$7.24 billion in the reported month, compared to October's revised C$15.77 billion, whereas analysts penciled in a fall to C$10.23 billion.