Statistics Canada this morning released its flash sheet estimate for July’s manufacturing figures, releasing a manufacturing estimate of 8.7% for the month, an improvement in dollar figures over June’s data. However, the rapid expansion of manufacturing has evidently slowed considerably, given that June saw a manufacturing increase of 20.7% over the prior month.
While still on the up trend, the country still has yet to return to pre-pandemic levels of manufacturing sales. Back in February, the country managed $56.2 billion in monthly manufacturing sales on a seasonally adjusted basis. Comparatively, the flash figure suggests manufacturing sales of $53.0 billion, a figure not seen since July 2017 on a pre-pandemic basis.
On the bright side, last months flash estimate for manufacturing estimated June manufacturing saw a 16.8% increase in sales. Ultimately, that estimate was 3.9% short of the real number realized, suggesting that if the trend continues, a larger manufacturing jump may occur.
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.
