Manufacturing sales volumes fell by a larger 1.4% m/m in July, the second consecutive monthly decline, confirming that the industrial sector began the third quarter on a soft footing. That said, much of the weakness in July relates to longer-than-normal seasonal shutdowns in the auto industry. Auto production would normally have rebounded in August, but the disruption to US industrial production caused by the recent Hurricanes probably had a knock-on negative impact on activity in Canada too.
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