Archive

Canada PMI manufacturing 48.0 (consensus 49.2) in Aug-23

- The Canadian manufacturing sector contracted in August 2023, with the Purchasing Managers' Index (PMI) standing at 48.0, a slight decrease from the previous month's reading of 49.6.
- The August PMI reading of 48.0 was 1.58 points lower than the average PMI for the Canadian manufacturing sector over the past year, indicating weaker performance than the historical trend.

Canada GDP growth -0.23% m-o-m in Jun-23

- Canada's GDP growth in June 2023 contracted by 0.23% m-o-m, representing the lowest level of growth since January 2022.
- The current growth rate is 0.32 percentage points below the average of the past year and 0.42 percentage points below the long-run average.

Canada retail sales 0.09% m-o-m (consensus 0.0) in Jun-23

- Canada's retail sales grew by 0.09% m-o-m in June 2023, exceeding expectations, indicating positive consumer spending trends. However, the growth rate is stable since May 2023.
- While retail sales improved compared to the one-year average, they fell short of the long-run average by 0.38 pp, suggesting ongoing recovery challenges in the economy. The core retail sales in May 2023 registered slower growth, indicating potential weaknesses in specific sectors.

Canada CPI inflation 3.27% y-o-y (consensus 3.0) in Jul-23

- Canada's CPI inflation in July 2023 exceeded expectations, reaching 3.27% y-o-y, the highest since May 2023.
- Core measures of inflation, such as the trimmed-mean and median CPI, also indicate elevated levels of price growth in the Canadian economy.