Canadian manufacturing rose for the third consecutive month, 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.
Sales were higher in 12 of 21 Canadian manufacturing sub-sectors.
In BC, sales were up 2 per cent year-over-year.
Solid manufacturing data in July indicates 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 until year end, 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! Yah!