Canada manufacturing sales for July -1.5% versus -1.0% estimate
Canada manufacturing sales for July 2021
- Prior month +2.1% revised to +3.6%.
- Manufacturing sales for July -1.5% vs -1.0% estimate
- Sales were down in 12 of 21 industries led by wood product -21.8%, aerospace product -19% (versus +32.3% last month) and miscellaneous -12.1%. The declines were partially offset by higher sales and motor vehicles +13.5% (the third monthly gain in a row) and primary metals +3.9%. Motor vehicle parts increased 7.6%
- YoY sales were up 12.2% in July
- The industrial product price index fell -0.4% in July. The raw material price index rose 2.2%
- Total inventories rose 2.6% in July. This was the seventh consecutive monthly gain.
- The inventories were led by primary metals which were up 9.4%. Machinery rose 5.4% and fabricated metal products rose 3.6%. Total inventories declined in most of the chemical product industries that -5.6%
- inventory to sales ratio increased from 1.51 in June to 1.58 in July. The ratio measures the time in months that would be required to exhaust inventories if sales were to remain at current levels
- unfilled orders increased 0.6% mostly due to higher unfilled orders of machinery +5.1% and aerospace +0.6%
- total value of new orders fell -2.6%
- capacity utilization rate for the manufacturing sector fell from 79.3% to 76.7% on lower production
- capacity utilization fell in 14 of 21 industries
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