Canada's factory sales eke out tiny gain

Canadian manufacturing sales unexpectedly edged higher by 0.1 percent in June as gains in the paper industry and a handful of other sectors offset slowing demand for exports like energy products and autos. Nine industries reported sales growth in the month while 12 reported shrinking sales Statistics Canada said on Tuesday. In volume terms, sales rose 0.7 percent.
Surprised in part by earlier data showing a 2.5 percent slide in exports in June, analysts had expected factory sales to slip 0.3 percent in the month. Statscan revised its estimate of sales growth in May to a 0.5 percent increase from 0.4 percent previously. Inventories expanded for the first time since February, rising 0.7 percent partly due to the rising value of petroleum and coal products held in stock.