OTTAWA, Ont. — Although manufacturers’ have been re-stocking their inventory since the start of the year, shipment activity has outpaced the rise in inventories, contributing to record-low levels for the inventory-to-shipment ratio.

In June, the ratio edged back to 1.21, following three consecutive months at 1.22, Statistics Canada’s latest report indicates. This marked the lowest level of the ratio since the start of the current series in 1992.

Canada’s ratio is in line with that of the United States where the ongoing expansion in manufacturing contributed to a ratio of 1.23 in June.

The finished-products inventory-to-shipment ratio also slipped back to 0.41 in June, the lowest level for the ratio since mid-2000. The ratio is a key measure of the time, in months, that would be required in order to exhaust inventories if shipments were to remain at their current level.