Canada: Bounce back in manufacturing – RBC

Sandeep Kanihama FXStreet Contributor

Nathan Janzen, senior economist at the Royal Bank of Canada, notes that Canada’s headline manufacturing sales rose 0.8% in August while volume sales increased 0.6%.

Key Quotes

“The bounce-back in August manufacturing sales (from a 1.3% drop the prior month) was largely as-expected. Transitory summer motor vehicle assembly shutdowns weighed on output in July and a resumption of activity contributed to an increase in August. Still, sales were also up 0.7% excluding the motor vehicle.”

“Controlling for price-effects, sale volumes were up 0.6% from July, and 1.1% ahead of year-ago levels. That is admittedly an uninspiring growth rate. But it still leaves the manufacturing sector looking relatively resilient given sharper deterioration in the industrial sectors of global peers – most significantly for Canada, in the United States – alongside escalating global trade tensions.”

Author

Sandeep Kanihama

FXStreet Contributor

Sandeep Kanihama is an FX Editor and Analyst with FXstreet having principally focus area on Asia and European markets with commodity, currency and equities coverage. He is stationed in the Indian capital city of Delhi.

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