A further sign of momentum in the Canadian economy this morning as Canadian manufacturing sales increased 1.1 per cent in May, the third consecutive monthly increase. Overall, sales were higher in 16 of 21 manufacturing sub-sectors, reflecting broad-based strength in the Canadian economy. Continued strong economic data will likely push the Bank of Canada closer to a second rate increase this fall.
In BC, manufacturing sales increased 1.8 per cent on a monthly basis and were up 8.2 per cent year-over-year. A strong manufacturing and trade sector has been a key contributor to economic growth in the province this year, which is on track to record a fourth consecutive year of 3 per cent or more growth in real GDP, the best performance for the provincial economy since 2007.