Data shows that Canadian manufacturing activity lost further momentum in July as production and new orders declined
Meanwhile, data showed that Canadian manufacturing activity lost further momentum in July as production and new orders declined for the first time since the early stages of the coronavirus pandemic.
“Businesses have right now shrunk down with rising labor costs and higher interest rates,” said Allan Small, senior investment advisor at Allan Small Financial Group. “You can’t keep expanding, you can’t keep hiring and you can’t keep growing the business when conditions are not favorable.” The materials sector fell 2.3%, pressured by a decline in copper and gold prices, while energy ended nearly 2% lower.
Heavily-weighted financials fell 0.8%, with Toronto Dominion Bank down 0.4% after it said it will buy New York-based boutique investment bank Cowen Inc for $1.3 billion in cash.Share this article in your social network
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