Canada’s
wholesale sales rise more than forecast in June
Statistics
Canada reported on Monday the wholesale sales rose 0.6 percent m-o-m to CAD64.15
million in June, following a revised 1.9 percent m-o-m decrease in May
(originally a 1.8 percent m-o-m drop).
Economists had
forecast an advance of 0.3 percent m-o-m for June.
According to
the report, higher sales were recorded in four of seven subsectors, accounting
for 54 percent of total wholesale sales. The
miscellaneous (+3.5 percent m-o-m), and the machinery, equipment and supplies (+1.5
percent m-o-m) subsectors contributed the most to the June advance, while the
motor vehicle and motor vehicle parts and accessories subsector (-1.9 percent
m-o-m) recorded the largest drop. Excluding motor vehicle and parts, wholesale
sales grew 1.1 percent m-o-m in June.
During the
second quarter of 2019, sales rose 1.3 percent, recording the 13th consecutive
quarterly gain.
At the same
time, wholesale inventories increased 1.5 percent m-o-m in June. Inventories
were up in six of seven subsectors, representing about 83 percent of total
wholesale inventories. Inventories surged 3.2 percent in the second quarter, recording
the 12th consecutive quarterly increase.
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