Monthly Survey of Manufacturing, November 2024
Released: 2025-01-15
Following a 2.1% increase in October, total manufacturing sales rose 0.8% to $71.5 billion in November, on higher sales in 13 of 21 subsectors. The aerospace product and parts industry group (+9.3%) and the petroleum and coal product subsector (+2.6%) were mainly responsible for the gain. Meanwhile, sales of motor vehicle parts posted the largest decrease, declining 3.7% to $2.8 billion in November. On a year-over-year basis, total manufacturing sales were down 0.4% in November.
Sales in constant dollars were unchanged in November, while the Industrial Product Price Index rose 0.6% during the same period.
The Canadian dollar depreciated 1.6% against the US dollar from October to November and had a positive impact on businesses whose transactions were completed in US dollars. The impact of depreciation of the Canadian dollar is most noticeable in the transportation equipment and primary metal subsectors where exports make up a more significant proportion of sales.
Chart 1
Manufacturing sales
Aerospace product and parts industry group posts largest increase in November
Production of aerospace products and parts reached its highest level on record, rising 9.3% to $2.8 billion in November, following a 1.7% increase in October. Production increased in all major aerospace manufacturing plants in November, while total exports of aircraft, aircraft engines and aircraft parts rose 9.0% during the same period. On a year-over-year basis, total production of aerospace products and parts increased 23.3% in November.
Sales of petroleum and coal products increased 2.6% to $8.0 billion in November, the second consecutive monthly increase. On a constant dollar basis, sales rose 1.3% in November. The resumption of production in some refineries following maintenance shutdown contributed to the increase. Exports of refined petroleum energy products rose 3.1% in November. Compared with the same month a year earlier, sales in the petroleum and coal product subsector in current dollars were 2.1% lower in November.
Following two consecutive monthly increases, sales of motor vehicle parts decreased 3.7% to $2.8 billion in November. Exports of motor vehicle engines and motor vehicle parts declined 3.0% during the same period.
Sales increase in five provinces in November
Manufacturing sales increased in five provinces in November, led by Ontario (+2.0%) and Quebec (+1.4%). Sales in New Brunswick (-7.6%) decreased the most.
Sales in Ontario rose 2.0% to $31.2 billion in November, on higher sales in 11 of 21 subsectors. This was the third consecutive monthly increase for sales in the province. The petroleum and coal product (+12.5%) and fabricated metal (+7.3%) subsectors were largely responsible for the increase in November. The gains in total manufacturing sales in Ontario were partially offset by a 4.1% decline in sales of motor vehicle parts. On a yearly basis, total sales in Ontario were down 2.3% in November.
In Quebec, sales increased 1.4% to $18.4 billion in November, mainly on higher production of aerospace products and parts (+12.4%), followed by higher sales of primary metals (+2.7%). On a year-over-year basis, total sales in Quebec were up 2.3% in November.
Total inventories increase
Total inventory levels rose 0.3% to $120.0 billion in November, on higher inventories of finished products (+1.4%), and to a lesser extent, inventories of higher goods in process (+0.5%). Raw material inventories declined 0.6% during the same period. Higher inventories of primary metals (+3.8%) and petroleum and coal products (+4.1%) were partially offset by a 2.4% decline in inventories of transportation equipment. On a yearly basis, total inventories were down 3.1% in November.
Chart 2
Inventory levels increase in November
The inventory-to-sales ratio fell from 1.69 in October to 1.68 in November. This ratio measures the time, in months, that would be required to exhaust inventories if sales were to remain at their current level.
Chart 3
The inventory-to-sales ratio decreases in November
Unfilled orders edge up
Total unfilled orders edged up 0.3% to $104.7 billion in November, primarily on higher unfilled orders of machinery (+3.2%) and fabricated metals (+4.8%). Unfilled orders of aerospace products and parts (-1.1%) posted the largest decrease.
Chart 4
Unfilled orders edge up in November
Capacity utilization rate decreases
The capacity utilization rate (not seasonally adjusted) for the total manufacturing sector decreased from 80.4% in October to 79.6% in November, on lower capacity utilization rates in 12 of 21 subsectors. The decline was most noticeable in the machinery (-3.6 percentage points), non-metallic minerals (-5.7 percentage points), and transportation equipment (-0.8 percentage points) subsectors. Capacity utilization rates increased in the primary metal (+0.9 percentage points) and petroleum and coal product (+0.4 percentage points) subsectors.
Chart 5
Capacity utilization rate decreases in November
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Sustainable development goals
On January 1, 2016, the world officially began implementing the 2030 Agenda for Sustainable Development—the United Nations' transformative plan of action that addresses urgent global challenges over the following 15 years. The plan is based on 17 specific sustainable development goals.
The Monthly Survey of Manufacturing is an example of how Statistics Canada supports the reporting on the global sustainable development goals. This release will be used to help measure the following goal:
Note to readers
Monthly data in this release are seasonally adjusted and are expressed in current dollars, unless otherwise specified.
Seasonally adjusted data are data that have been modified to eliminate the effect of seasonal and calendar influences to allow for more meaningful comparisons of economic conditions from period to period. For more information on seasonal adjustment, see Seasonally adjusted data – Frequently asked questions.
Trend-cycle estimates are included in selected charts as a complement to the seasonally adjusted series. These data represent a smoothed version of the seasonally adjusted time series and provide information on longer-term movements, including changes in direction underlying the series. For information on trend-cycle data, see Trend-cycle estimates – Frequently asked questions.
Both seasonally adjusted data and trend-cycle estimates are subject to revision as additional observations become available. These revisions could be large and could even lead to a reversal of movement, especially for reference months near the end of the series or during periods of economic disruption.
Non-durable goods industries include food; beverage and tobacco products; textile mills; textile product mills; apparel; leather and allied products; paper; printing and related support activities; petroleum and coal products; chemicals; and plastics and rubber products.
Durable goods industries include wood products; non-metallic mineral products; primary metals; fabricated metal products; machinery; computer and electronic products; electrical equipment, appliances and components; transportation equipment; furniture and related products; and miscellaneous manufacturing.
Production-based industries
For the aerospace and shipbuilding industry groups, the value of production is used instead of the value of sales of goods manufactured. The value of production is calculated by adjusting monthly sales of goods manufactured by the monthly change in inventories of goods in process and finished products manufactured. The value of production is used because of the extended period of time that it normally takes to manufacture products in these industries.
Unfilled orders are a stock of orders that will contribute to future sales, assuming that the orders are not cancelled.
New orders are those received whether sold in the current month or not. New orders are measured as the sum of sales for the current month plus the change in unfilled orders from the previous month to the current month.
Manufacturers reporting sales, inventories and unfilled orders in US dollars
Some Canadian manufacturers report sales, inventories and unfilled orders in US dollars. These data are then converted to Canadian dollars as part of the data production cycle.
For sales, based on the assumption that they occur throughout the month, the average monthly exchange rate for the reference month established by the Bank of Canada is used for the conversion. The monthly average exchange rate is available in table 33-10-0163-01. Inventories and unfilled orders are reported at the end of the reference period. For most respondents, the daily average exchange rate on the last working day of the month is used for the conversion of these variables.
However, some manufacturers choose to report their data as of a day other than the last working day of the month. In these instances, the daily average exchange rate on the day selected by the respondent is used. Note that because of exchange rate fluctuations, the daily average exchange rate on the day selected by the respondent can differ from both the exchange rate on the last working day of the month and the monthly average exchange rate. Daily average exchange rate data are available in table 33-10-0036-01.
Revision policy
Each month, the Monthly Survey of Manufacturing releases preliminary data for the reference month and revised data for the previous three months. Revisions are made to reflect new information provided by respondents and updates to administrative data.
Once a year, a revision project is undertaken to revise multiple years of data.
Real-time data tables
Real-time data tables 16-10-0118-01, 16-10-0119-01, 16-10-0014-01 and 16-10-0015-01 will be updated on January 23, 2025.
Next release
Data from the Monthly Survey of Manufacturing for December 2024 will be released on February 14, 2025.
Contact information
For more information, or to enquire about the concepts, methods or data quality of this release, contact us (toll-free 1-800-263-1136; 514-283-8300; infostats@statcan.gc.ca) or Media Relations (statcan.mediahotline-ligneinfomedias.statcan@statcan.gc.ca).
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