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Canada July Factory Sales +7% MOM, 5.4% Below Pre-Covid Level

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(MNI) OTTAWA
  • Slightly lags MNI economist median and StatsCan's flash estimate for gain of about 9%.
  • Sales -6.9% YOY.
  • Excluding autos, sales +3.1% MOM, and strength in autos came as "Many auto manufacturers shortened or skipped their summer shutdowns this year," StatsCan said.
  • Inventories -0.8%, inventory/sales ratio remains elevated at 1.63, pre-pandemic it topped out at 1.56, which was already around a record high back then.
  • Petroleum/coal sales +13%, -39% YOY on low prices.
  • Food sales -1.7% in part on China regulations against Canada lobster.
MNI Ottawa Bureau | +1 613-314-9647 | greg.quinn@marketnews.com
MNI Ottawa Bureau | +1 613-314-9647 | greg.quinn@marketnews.com

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