- Sales at the lowest level since Jan 2022
- Prior was +1.4%
- Manufacturing sales dropped 1.3% to C$69.4 billion in August
- Primary metals (-6.4%) and petroleum/coal products (-3.7%) led declines
- Sales down 4.4% year-over-year
- Sales in constant dollars fell 0.8%
Key Details:
- Eighth straight month of y/y declines for manufacturing sector
- Primary metals hit by weaker domestic and international demand
- Petroleum products affected by global economic concerns, especially in China
- Aerospace production rose 7.3%, hitting second highest level on record
- Sales fell in 8 out of 10 provinces, led by Alberta (-3.3%) and Ontario (-0.6%)
While Canadian manufacturing saw a brief uptick in July, the August decline brings the sector back to its lowest point since early 2022. This is another reason for the Bank of Canada to cut by 50 bps next week and that's quickly becoming the consensus call.
