Canadian manufacturing sales data for the month of May is set to release tomorrow. According to a TD Economics research report, the manufacturing sales are expected to have recovered by rising 1.6 percent.
International trade data for May had indicated a huge recovery in motor vehicle exports, but also showed a record CAD 2.92 billion in monthly aerospace exports. Meanwhile, forestry products are expected to be a drag on the headline print after a major logging company announced it will temporarily shut production at 13 lumber mills starting April 29th.
“Manufacturing volumes should rise in line with the nominal series owing to flat producer prices in May, which will provide a tailwind to monthly GDP”, added TD Economics.
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