Canada: Manufacturing Sales softened in June – RBC

Sandeep Kanihama FXStreet Contributor

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.

Key Quotes

“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.”

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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