After rising 3.6% in June, Canadian manufacturing sales slumped 1.5% in July to $59.6 billion, with declines across 12 of the 21 industries.
Sales of wood products continued to decline in July, falling 21.8% to $4 billion, amid reduced sales levels and lower prices. The latest decline follows June’s slump of 5.8%, suggesting that the soaring demand for lumber products may be beginning to abate.
Statistics Canada reported that the aerospace sector saw production fall 19% to $1.3 billion in July, after rising 32.3% in June. Ongoing pandemic-related travel restrictions continue to reduce demand for air travel, as less maintenance has prompted lower demand for parts from aircraft manufacturers.
Conversely, despite the ongoing global semiconductor shortage, sales of motor vehicles jumped 13.5% to 43.4 billion, while sales of motor vehicle parts rose 7.6% July, marking the third straight month of gains. Primary metal sales were also up in July, rising 3.9% to $5.6 billion. This is the 15th consecutive month of increases for this industry, and marks the highest level on record.
Information for this briefing was found via Statistics Canada. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.