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- Canada’s manufacturing sales fall much more than forecast in July
Canada’s manufacturing sales fall much more than forecast in July
Statistics
Canada released its Monthly Survey of Manufacturing on Tuesday, which showed
that the Canadian manufacturing sales fell 1.3 percent m-o-m in July to CAD57.15
billion, following a revised 1.4 percent m-o-m decrease in June (originally, a 1.2
percent m-o-m drop).
Economists had
anticipated a decline of 0.2 percent m-o-m for July.
According to
the survey, sales dropped in 11 of 21 industries, representing 66.8 percent of
total manufacturing sales. The July decrease was mainly due to lower sales in
the primary metal (-7.3 percent m-o-m) and motor vehicle industries (-4.7
percent m-o-m). Meanwhile, the food industry recorded the largest gain (+1.3
percent m-o-m).
Overall, sales
of non-durable goods rose 0.6 percent m-o-m in July, while sales of durable
goods fell 2.9 percent m-o-m.
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