08:07 AM EDT, 08/12/2024 (MT Newswires) -- RBC said it expects manufacturing sales to Thursday drop by 2.6% m/m in June, in line with Statistics Canada's preliminary estimates, driven by lower sales in the chemical product and transportation equipment subsectors.

According to StatsCan's early indicator, core wholesale sales were down 0.6% m/m in June, noted the bank. Much of that weakness came from the sales decline in the motor vehicle and motor vehicle parts and accessories subsector, as well as the food, beverage, and tobacco subsector.

Canadian housing starts are likely Friday to come in at 264,000 in July, stated RBC. That would be up 9.2% from June to reverse the 8.8% decline the prior month. Building permits trended higher during recent months, with the three-month rolling average value increasing from 257,000 in March to 286,000 in May.