Weaker-than-anticipated Canadian manufacturing data for July casts doubt on whether Canada's GDP actually expanded in July, Capital Economics said. While overall sales declined 1.5%, the firm expressed more concern about the 2% drop in volumes -- a sign prices were not the culprit in July's decline. Capital Economics said Q3 GDP growth in Canada may now turn out "considerably weaker" than the 1.8% annualized advance recorded in the April-to-June period. "The synchronised slowdown in the global economy and persistent strength of the Canadian dollar suggests that growth in manufacturing sales volumes will be hard fought in the coming months."
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