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Mfg Sales Hike in July

Much of the doom and gloom regarding Canada's economy was cut through Wednesday morning by news of the progress made by manufacturing sales.

Statistics Canada says manufacturing sales rose 1.7% to $52.2 billion in July.

The move higher was fueled by higher sales in the motor vehicle parts and assembly industries. Economists had expected an increase of 1%, according to Thomson Reuters.

The nation's number crunchers also revised results for May and June to show stronger growth than it had earlier reported.

The agency now says manufacturing sales for May were up 0.7% compared with an earlier result of a gain of 0.1%.

June's growth was raised to 1.5% compared with the earlier estimate of 1.2%.