Canada's RBC manufacturing PMI slipped on last month

Canada's RBC manufacturing PMI slipped on last month (50.8, prior 51.3) - the first moderation in five months. It was weighed down by weakening in output and employment though new orders were steady. Regionally, it continues to be the case that weakening conditions in Alberta and BC are almost fully offsetting improving conditions elsewhere in the country. 

Trade data are released tonight. The nominal trade balance is expected to increase to a deficit of - CAD2.6bn in June from a near record -CAD3.3bn in May. A similar-sized improvement in the real trade balance would still result in net trade subtracting more than 1.0pp from Q2 GDP as a whole. As usual, however, prior-month revisions to the trade data will bear watching and can meaningfully affect the net trade contribution to growth.