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.
As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.