Q2 capacity utilization came in at 79.3%, beating estimates of 78.8% but down from 79.9% in Q1 - as production efficiency fell in power generation (weaker hydro production), resource extraction (forest fires)…

… and manufacturing - which continues to lag the headline utilization number by an increasing margin.

In Q2, non-durable goods were the driver - with petroleum product, textile, and food manufacturing weighing on results…

… while manufacturing efficiency in durable goods was mixed.