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- Canada’s wholesale sales unexpectedly fall in May
Canada’s wholesale sales unexpectedly fall in May
Statistics Canada reported on Monday the wholesale sales fell 1.8 percent m-o-m to CAD63.82 million in May, following a revised 1.6 percent m-o-m increase in April (originally a 1.7 percent m-o-m surge). That was the largest decline in wholesale trade since March 2016.
Economists had
forecast an advance of 0.5 percent m-o-m for May.
According to
the report, lower sales were recorded in five of six subsectors, accounting for
86 percent of total wholesale sales. The motor vehicle and motor vehicle parts
and accessories subsector (-4.3 percent m-o-m) was the leading contributor to May’s
decline, followed by the miscellaneous subsector (-4.3 percent m-o-m).
Excluding motor vehicle and parts, wholesale sales dropped 1.3 percent m-o-m in
May.
At the same
time, wholesale inventories increased 1.1 percent m-o-m in May. Inventories
were up in six of seven subsectors, representing about 83 percent of total
wholesale inventories.
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