Canadian Manufacturing Sales Post Another Strong Increase in July, but Sales Remain Below February Overall
The manufacturing activity is expanding well in north America
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Last updated: Wednesday, September 16, 2020
As with all sectors of the economy, manufacturing sales took a deep plunge during March and April in Canada. But, they started to reverse in May and June, and posted another strong increase for July, as per yesterday’s report, although sales still remain below the February levels. Nonetheless, this is one positive factor to keep in mind for the CAD.
Canadian manufacturing sales data for July
- July manufacturing sales +7.0% vs +9.0% expected
- June manufacturing sales was +20.7%, revised to 23.0%
- Core sales, excluding autos, came in at +3.1% vs +12.8% prior
- New orders +9.0% vs +24.8% prior
- Sales up in 13 of 21 industries, led by autos (+24.1% in July)
- Unfilled orders -1.2%
- Inventories -0.8% to lowest level since Feb 2019
- Manufacturing employment at 93.6% of Feb level
Overall, sales remain 5.4% below February’s pre-pandemic lows. However, the trend seems alright in North America, according to the strong Empire State Manufacturing Index figures for August, which were released yesterday. But, we will have to wait and see if manufacturing kept up the pace in Canada in August.
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Skerdian Meta
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Skerdian Meta Lead Analyst.
Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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