Nathan Janzen, senior economist at the Royal Bank of Canada, notes that Canada’s June manufacturing sales were on the soft side, declining 1.2% in total, but perhaps not quite as soft as feared given an earlier-reported sharp drop in exports for June.
“Most of the headline manufacturing sales decline was due to a drop in prices, including a big 5% drop in petroleum and coal prices. The 0.2% dip in headline sales once controlling for price changes followed a 1.7% jump in May.”
“Overall in Q2, manufacturing sale volumes increased 7.3% (at an annualized rate) from Q1 and 2.9% from a year ago. We are still tracking a ~3% increase in overall Q2 GDP.”
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