Canada June manufacturing sales -2.1% vs -2.6% expected

• Prior was +0.4%
• Sales at $69.6 billion in June on declines in 17 of 21 subsectors
• Declines led by the transportation equipment (-2.9%), chemical product (-5.8%) and primary metal (-2.7%) subsectors
• Total sales fell 0.3% in the second quarter of 2024 in third consecutive quarterly decline
• Sales down 1.8% y/y
• Total inventory levels +0.1%
• Unfilled orders -0.8%

Retooling at auto factories made this look worse than it is but the longer-term numbers show a recession in that sector.

This article was written by Adam Button at www.forexlive.com.