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National Bank of Canada analyst Kyle Dahms, noted that Canadian Shipments rose to a record high in July, after a 0.9% increase as data continues to bodes well for Q3.  

Key Quotes:

“Manufacturing shipments rose 0.9% in July to a record C$58.6 billion.”

“With the price effect removed, total factory sales advanced 1.0% m/m, while inventories rose 0.9%. As a result, the real inventory-to-sales ratio stayed still at 1.41.”

“Canadian factory shipments beat expectations for the third month in a row in July. The strong monthly result was in part thanks to a rise in the transportation equipment segment. Specifically, manufacturing sales for motor vehicles led the charge, helped by a shorter plant maintenance period compared to previous years. While the transportation segment bounced back from three months of negative growth, petroleum and coal products rose again in July after a record m/m increase in June.”

“Excluding the more volatile transportation category, shipments were still up 0.5% in the month.”

“Looking at the quarterly perspective, preliminary data bodes well for Q3 as real manufacturing sales are set to rise again, prolonging the longest streak of uninterrupted quarterly growth since data collection began in 2002 (11 quarters).”

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