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- Canada’s wholesale sales increase much more than forecast in June
Canada’s wholesale sales increase much more than forecast in June
Canada’s
wholesale sales increase much more than forecast in June
Statistics
Canada reported on Wednesday the wholesale sales surged 18.5 percent m-o-m to CAD62.06
million in June, following a revised 5.8 percent m-o-m gain in May (originally
a 5.7 percent m-o-m advance). That was the biggest increase in wholesale sales
on record.
Economists had
forecast a 10 percent m-o-m increase for June.
According to
the report, all seven subsectors recorded higher sales for the first time since
November 2017. The motor vehicle and motor vehicle parts and accessories (+114.8
percent m-o-m) subsector led the growth. Excluding this subsector, wholesale
sales rose 10.2 percent m-o-m.
In y-o-y terms,
wholesale sales decreased 2.4 percent in June.
Meanwhile, wholesale inventories dropped 0.7 percent
m-o-m in June. Inventories decreased in four of seven subsectors, accounting
for 43 percent of total wholesale inventories. The inventory-to-sales ratio
declined from 1.74 in May to 1.46 in June.
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