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- Canada’s wholesale sales rise more than anticipated in July
Canada’s wholesale sales rise more than anticipated in July
Statistics
Canada reported on Friday the wholesale sales rose 4.3 percent m-o-m to CAD64.97 million in July, following an unrevised 18.5
percent m-o-m climb in June.
Economists had
forecast a 3.5 percent m-o-m increase for July.
According to
the report, sales increased in six of seven subsectors. The motor vehicle and
motor vehicle parts and accessories (+19.3 percent m-o-m) subsector contributed
the most to the growth in July. Excluding this subsector, wholesale sales rose 1.8
percent m-o-m.
In y-o-y terms,
wholesale sales increased 0.7 percent in July.
Meanwhile, wholesale inventories dropped 0.4 percent
m-o-m in July. Inventories decreased in five of seven subsectors, with the
machinery, equipment and supplies (-2.5 percent m-o-m) and the motor vehicle
and motor vehicle parts and accessories (-3.0 percent m-o-m) subsectors recording
the largest declines. The inventory-to-sales ratio declined from 1.45 in June
to 1.39 in July, the lowest level since October 2018.
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