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Total manufacturing sales rose in November 2024
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.
Source: Monthly Survey of Manufacturing, November 2024
Lower sales in motor vehicle and motor vehicle parts and accessories in November 2024
Wholesale sales (excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain) fell 0.2% to $83.7 billion in November. The largest decrease came from the motor vehicle and motor vehicle parts and accessories subsector (-5.5% to $14.0 billion). This decrease was tempered by increased sales in five of the seven subsectors, representing 68.6% of total wholesale sales. Wholesale sales were 0.6% higher in November compared with the same month one year earlier.
Source: Wholesale trade, November 2024
Cost-related obstacles pose challenges for rural and small town businesses
In the fourth quarter of 2024, cost-related challenges were a major concern for rural and small town (RST) (66.7%) and urban (65.4%) businesses. Inflation (44.3%) and the rising cost of inputs (39.8%) were the top issues reported by RST businesses, followed by the cost of insurance (36.4%), and interest rates and debt costs (30.9%). Urban businesses shared similar concerns, with inflation (45.0%) and the rising cost of inputs (37.1%) topping the list, while also facing challenges related to real estate, leasing or property taxes (28.0%); interest rates and debt costs (28.0%); and the recruitment of skilled employees (28.0%).
Source: Outlook of rural businesses, fourth quarter 2024
Real gross domestic product of natural resources sector down slightly in the third quarter of 2024
Real gross domestic product (GDP) of the natural resources sector edged down 0.1% in the third quarter of 2024, after an increase of 1.7% in the second quarter. In comparison, economy-wide real GDP rose 0.3% in the third quarter, following a rise (+0.5%) in the previous quarter. Changes in real GDP of the natural resources sector was mixed in the third quarter of 2024, with decreases in the forestry (-2.4%) and minerals and mining (-0.6%) subsectors, while the energy (+0.3%) and hunting, fishing and water (+0.2%) subsectors saw modest increases.
Source: Natural resource indicators, third quarter 2024
The impacts of weather on Canada’s overall energy systems
According to Environment and Climate Change Canada, we can expect more extreme weather events, including “increasing wildfires, more intense droughts and hurricanes, and more intense heat waves.” These extreme weather events can impact our lives in many ways, some severe and some less so. In fact, the year 2024 was the costliest in terms of insurance payouts related to catastrophic weather-related events. Power outages are perhaps one of the most common and immediately felt effects caused by these events. But the lights not coming on at the flick of a switch is not the only way that weather affects Canada’s overall energy systems.
Source: Extreme weather by the numbers: How weather impacts energy output
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