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- Canada manufacturing sales edged higher in September - RBC Financial Group
Canada manufacturing sales edged higher in September - RBC Financial Group
According to ActionForex, analysts at RBC Financial Group note that Canada's manufacturing sales rose 1.5%, but remained 3.6% below pre-shock (February) levels.
"Manufacturing sales continued to edge higher in September, though held below pre-shock levels and were down 6.2% from a year ago."
"Early data for October was mixed. Manufacturing hours worked edged down 1.1% but were within 1.5% of year-ago levels. The October Markit manufacturing PMI also eased albeit to a still high 55.5. The rise in September manufacturing sales was led by increases in chemical and wood products."
"The more pressing immediate concern remains accelerating COVID-19 spread and re-imposition of containment measures. Employment in accommodation & food services fell 48k in October as restaurants, gyms, etc. shut down once again in some of the country’s hot spots."
"Overall employment still rose in October. But the spread of virus will remain a limit on the recovery in the economy until a vaccine can be widely distributed."
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