Manufacturing sales of ~$69B fell 1% in August, squeaking past estimates for a 1.5% drop but reversing course from July’s gain due to a 6% decline in transportation equipment...

… which should continue to pressure results with Stellantis shifting Jeep production from Brampton to Illinois. Inventories reached a two-year high, driven mainly by finished goods…

… which tracks to the continued rise in unfilled orders - led by aerospace products.

The weak print flowed through to wholesale sales, which fell 1.2% on a near-10% drop in motor vehicles and parts - underscoring the hidden complexities of China’s proposed tariff truce.

You might be interested in…

About Bullpen: Bullpen Finance Inc. publishes content on Canadian markets and provides paid research coverage of select Canadian issuers. Bullpen is paid in cash by covered issuers, does not accept stock or options, does not hold positions in covered securities, and does not conduct investment banking business. Bullpen and LodeRock Advisors Inc. are affiliated; LodeRock provides investor relations services to issuers, some of whom are covered by Bullpen Research. When a post discusses a covered issuer, a specific disclosure appears at the top of the post. This post is published for general information purposes. It is not personalized investment advice and is not tailored to any individual reader’s circumstances. Bullpen is not a registered investment adviser or dealer. For full disclosures, including analyst certification, jurisdictional statements, and conflict of interest policies, please see our Legal & Disclosures section on our website.