Canada: Manufacturing sales increased 1.6% in May - RBC
|Nathan Janzen, senior economist at Royal Bank of Canada, notes that the Canada’s manufacturing sales increased 1.6% in May and the increase extends recent string of Canadian manufacturing outperformance relative to US.
Key Quotes
“The increase in manufacturing sales in May was, as expected, largely concentrated in the transportation sector. Still, sales edged up 0.2% excluding transportation components, and have yet to decline on that basis in any month of this year.”
“To be sure, growth in the Canadian manufacturing sector has not exactly been spectacular – but sales volumes (i.e. excluding price impacts) were still up 3.5% from a year ago in May and 2.0% year-to-date in 2019.”
“For now, though, the domestic economic data continues to look a little better. And, with inflation also holding around 2%, is another reason the Bank of Canada won’t likely need to rush to follow the US Fed with a widely expected rate cut later this month.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.