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- Canada’s manufacturing sales fall less than forecast in June
Canada’s manufacturing sales fall less than forecast in June
Statistics
Canada released its Monthly Survey of Manufacturing on Tuesday, which showed that
the Canadian manufacturing sales fell 1.2 percent m-o-m in June to CAD58.02
billion, following an unrevised 1.6 percent m-o-m increase in May.
Economists had
anticipated a drop of 1.7 percent m-o-m for June.
According to
the survey, sales dropped in 16 of 21 industries, representing 68 percent of
total manufacturing sales. The petroleum and coal product (-3.8 percent m-o-m) and
food (-2.5 percent m-o-m) industries accounted for most of the June drop. Sales
also were lower in the machinery (-5.6 percent m-o-m), paper (-5.9 percent
m-o-m) and chemical (-2.9 percent m-o-m) industries. On the contrary, the
primary metal industry (+11.7 percent m-o-m) posted the largest gain.
Overall, sales
of non-durable goods declined 3.3 percent m-o-m in June, while sales of durable
goods rose 0.7 percent m-o-m.
For the second
quarter, manufacturing sales grew 1.7 percent y-o-y.
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