Statistics Canada released its Monthly Survey of Manufacturing, which showed that the Canadian manufacturing sales climbed 3.5 percent m-o-m in March to CAD57.84 billion (highest level since June 2019), following a revised 1.1 percent m-o-m drop in February (originally a 1.6 percent m-o-m decline). This marked the largest monthly increase in manufacturing sales since July 2020.

Economists had anticipated a gain of 3.5 percent m-o-m for March.

According to the survey, sales grew in 17 of 21 industries, led by the motor vehicle (+10.5 percent m-o-m), petroleum and coal product (+6.2 percent m-o-m) and food manufacturing (+2.7 percent m-o-m) industries.

Overall, sales of durable goods surged 4.3 percent m-o-m in March, while sales of non-durable goods rose 2.7 percent m-o-m.