Canada’s Factory Sales Surge 10.7% in May

Factory sales in Canada increased by a record 10.7% during May, after falling in April by 27.9%, according to data by Statistics Canada on Wednesday.

Manufacturing sales were 28.4% below their level in February, before the COVID-19 crisis emerged.

A majority of market analysts believe that it would take at least a year for sales to fully recover, Reuters reported.

Transportation equipment sales increased by 81.7%, while sales of motor vehicles and parts decreased by 79.1% on an annual basis.

The Canadian Dollar (CAD) is up by 0.33% against the US Dollar (USD), with the USD/CAD trading at ‪1.35647‬.