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- Canada’s manufacturing sales surge less than anticipated in July
Canada’s manufacturing sales surge less than anticipated in July
Statistics
Canada released its Monthly Survey of Manufacturing on Tuesday, which showed
that the Canadian manufacturing sales jumped 7.0 percent m-o-m in July to CAD53.13
billion, following a revised 23.0 percent m-o-m climb in June (originally a 20.7
percent m-o-m surge).
Economists had
forecast an 8.7 percent m-o-m advance for July.
According to the survey, higher sales in the transportation equipment industry (+24.1 percent m-o-m) were the major contributor to the July gain. Overall, sales advanced in 13 of 21 industries, representing 68 percent of total Canadian manufacturing. Notable gains in sales were also posted by such industries as petroleum and coal product (+13.0 percent m-o-m) and plastic and rubber product (+15.1 percent m-o-m). Meanwhile, food manufacturing (-1.4 percent m-o-m) and primary metal (-1.4 percent m-o-m) made the biggest negative contribution to the growth.
Overall, sales
of durable goods industries surged 10.4 percent m-o-m in July, while sales of
non-durable goods industries rose 3.3 percent m-o-m.
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