Sales at the lowest level since Jan 2022Prior was +1.4%Manufacturing sales dropped 1.3% to C$69.4 billion in AugustPrimary metals (-6.4%) and petroleum/coal products (-3.7%) led declinesSales down 4.4% year-over-yearSales in constant dollars fell 0.8%
Key Details:
Eighth straight month of y/y declines for manufacturing sectorPrimary metals hit by weaker domestic and international demandPetroleum products affected by global economic concerns, especially in ChinaAerospace production rose 7.3%, hitting second highest level on recordSales fell in 8 out of 10 provinces, led by Alberta (-3.3%) and Ontario (-0.6%)
While Canadian manufacturing saw a brief uptick in July, the August decline brings the sector back to its lowest point since early 2022. This is another reason for the Bank of Canada to cut by 50 bps next week and that’s quickly becoming the consensus call.
This article was written by Adam Button at www.forexlive.com.
