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Canadian manufacturing sales likely to have dropped in July
Canadian manufacturing sales data for the month of July is set to release later today. According to a TD Economics research report, the manufacturing sales are likely to have dropped 0.2 percent sequentially which would result in the first fall on a year-on-year basis since mid-2016.
In July, export activity had been mixed with rises seen in 6 of the 11 product groups but labor market data was much more downbeat, with 6000 few manufacturing jobs and a sharp fall in total hours worked.
“This alongside weaker PMI data points to another pullback in the headline series although, like June, real manufacturing sales should outperform the nominal print owing to lower factory prices”, added TD Economics.