Statistics Canada is now providing flash economic data in order to provide more current data during the pandemic. This allows economists and governments the ability to make decisions in a timely manner. Today it released early estimates for July suggest manufacturing sales growth slowed to 8.7 per cent for the month.
The preliminary estimate for July compared with a record 20.7 per cent gain seen in June as factories continued to ramp up production .The increase in June was led by the motor vehicle and motor vehicle parts industries .It followed a revised gain of 11.6 per cent in May, up from an initial reading of 10.7 per cent for that month. The official estimate of manufacturing sales for July is expected to be released on Sept. 15.
The Canadian dollar responded weaker to the USD, as the U.S. equity markets continue to move higher, along with oil and other commodities. Gold and silver are lower due to traders moving back in higher risk strategies.
Expect a narrow range the rest of the day.
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