Canada June manufacturing survey data
Record high, though the survey only dates back to 2010
Prior was 56.2
New orders 57.7 vs 57.6 prior
The thinking behind the survey is that tariffs on aluminum and steel caused a surge in orders and a buildup in inventories.
Manufacturers "suggested that part of the rise in new work reflected efforts by clients to complete orders and boost their inventories in advance of surcharges on steel and aluminum," according to Tim Moore, IHS Markit.
The same phenomenon might have boosted April GDP numbers in Canada, which were elevated by higher inventories. There is a risk that central banks will misread a rise in economic activity in April-June that's temporary and be paid-back later.
