Canada: Manufacturing sales to fall 1.5% m/m in July - TDS

TD and the wider market both expect Canadian manufacturing sales to fall 1.5% m/m in July, building on a 1.8% decline the prior month.

Key Quotes

“Nominal output will be constrained by lower factory prices, a pullback in real exports and the impact of British Columbia wildfires, which shuttered lumber mills in the province for a portion of the month. While the risks around our forecast are arguably tilted to the downside, the decline in real manufacturing sales should be more subdued than the nominal print.”