"Despite a small after July's sharp increase, the underlying pattern in the retail sector remains one of solid growth. Overall the figures do not suggest any major fall in post-referendum consumer confidence".
- Mel Richard, ONS
Manufacturing sales in Canada dropped sharply in July as gains in the food, energy and metals industries were offset by falls in the machinery and aerospace industries, official figures showed on Friday. According to Statistics Canada, the nation's manufacturing sales rose just 0.1% in the seventh month of the year, compared to June's 0.8% hike, whereas market analysts expected Canada's sales to increase 0.6% in July. Factory sales grew in 9 out of 21 sectors, accounting for around 54% of the Canadian manufacturing sector. In terms of sales volume, sales advanced 0.6% during the reported period. Sales of the food industry jumped 1.9%, whereas sales in the primary metals sector grew 2.9% in July. Meanwhile, sales of petroleum and coal products increased 2.5%. Production in the aerospace products and parts industry was down 9.0%, whereas machinery sales declined 3.3% in the same month. Separate data released by Statistics Canada showed that foreign investment in the country's securities slowed down in July. Non-residents bought a net C$5.23 billion ($3.96 billion) in securities, following the preceding month's C$9.02 billion and May's C$14.00 billion. Foreigners purchased C$1.91 billion in equities, compared to June's C$13.41 billion.
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