Canadian manufacturing sales likely to have rebounded in May on surge in transportation products
Canadian manufacturing sales data for the month of May is set to release tomorrow. According to a TD Economics research report, the manufacturing sales are expected to have recovered by rising 1.6 percent. A surge in tra…
Canadian manufacturing sales data for the month of May is set to release tomorrow. According to a TD Economics research report, the manufacturing sales are expected to have recovered by rising 1.6 percent. A surge in transportation products is likely to have driven the rebound. Motor vehicles are only part of the story after temporary production shutdowns drove an 8.9 percent fall in manufacturing shipments last month.
International trade data for May had indicated a huge recovery in motor vehicle exports, but also showed a record CAD 2.92 billion in monthly aerospace exports. Meanwhile, forestry products are expected to be a drag on the headline print after a major logging company announced it will temporarily shut production at 13 lumber mills starting April 29th.
“Manufacturing volumes should rise in line with the nominal series owing to flat producer prices in May, which will provide a tailwind to monthly GDP”, added TD Economics.
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