Canadian manufacturing rose for the third time in as many
months, increasing 1.7 per cent on a monthly basis in July. Sales were led by
higher shipments of motor vehicle parts, which accounted for close to
two-thirds of the gain. Overall, sales were higher in 12 of 21 Canadian
manufacturing sub-sectors. In BC, where the manufacturing sector employs
roughly 170,000 people, sales rose 0.5 per cent on a monthly basis and were up
2 per cent year-over-year.
Solid manufacturing data in July is strong evidence that
the Canadian economy is recovering from the shock of low oil prices,
particularly in sectors helped by the weaker Canadian dollar. We expect that
the recovery will continue into the third and fourth quarter with the Canadian
economy eking out modest growth of about 1.1 per cent this year. Meanwhile, the
BC economy continues to set the pace for Canada and remains on track to post
the highest economic growth of any province in 2015.
Copyright BCREA – reprinted with permission
No comments:
Post a Comment