-- The February Canadian data flow just got a whole lot better on the back of manufacturing and wholesale sales data, said Bank of Montreal (BMO) after the release Wednesday of both.
Manufacturing volumes jumped 3.4% in the month, although that just reverses a chunk of the 4.2% month-over-month decline seen in January with a big swing in autos, noted the bank.
Wholesale volumes rose 1.1% month over month, also reversing most of the prior-month decline, pointed out BMO.
BMO said retail numbers are still outstanding, but added this sets up February for growth of around 0.2%, or consistent with Statistics Canada's initial flash estimate ("work hours were down, but StatsCan also noted strength in mining in the month, which can be a wildcard)".
A "sturdy" print would leave growth for all of Q1 tracking around 1.5%, with the Bank of Canada's 1.8% call well within reach, according to BMO.