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CANADA: Manufacturing Sales Also Offer Healthier October Flash

CANADA
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The advance manufacturing sales data offered a second indicator pointing to stronger nominal activity in October, ahead of Friday’s GDP data that will include its own October advance. 

  • Manufacturing sales are estimated to have increased 1.3% M/M in October. That's with the important caveat that it follows -0.5% in Sep and -1.3% in Aug though, with sales still down 4.6% annualized on a 3m/3m basis.
  • It follows Friday’s retail sales indicating a 0.7% M/M increase after 0.4% for a much healthier recent trend of 6.0% annualized.
  • The advance wholesale trade estimate is released tomorrow.
  • Away from sales data, aggregate hours worked also increased 0.3% M/M in October after -0.4% M/M in Sept.
  • Real GDP was estimated to have increased 0.3% M/M in last month’s advance for September. If the monthly industry data accurately tracks the quarterly expenditure-approach GDP that the BoC forecasts, there will need to be another strong sequential month to keep the BoC’s forecast of 2.0% in Q4 after 1.5% in Q3 on track considering latest monthly data looks for ~1.0% in Q3. 
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The advance manufacturing sales data offered a second indicator pointing to stronger nominal activity in October, ahead of Friday’s GDP data that will include its own October advance. 

  • Manufacturing sales are estimated to have increased 1.3% M/M in October. That's with the important caveat that it follows -0.5% in Sep and -1.3% in Aug though, with sales still down 4.6% annualized on a 3m/3m basis.
  • It follows Friday’s retail sales indicating a 0.7% M/M increase after 0.4% for a much healthier recent trend of 6.0% annualized.
  • The advance wholesale trade estimate is released tomorrow.
  • Away from sales data, aggregate hours worked also increased 0.3% M/M in October after -0.4% M/M in Sept.
  • Real GDP was estimated to have increased 0.3% M/M in last month’s advance for September. If the monthly industry data accurately tracks the quarterly expenditure-approach GDP that the BoC forecasts, there will need to be another strong sequential month to keep the BoC’s forecast of 2.0% in Q4 after 1.5% in Q3 on track considering latest monthly data looks for ~1.0% in Q3.