Canada’s wholesale sales appear to have gained momentum this summer after plummeting when U.S. tariffs hit in the spring, according to new government figures.
Released Aug. 26, Statistics Canada’s monthly advanced report for wholesale trade showed that wholesale sales — excluding oil, hydrocarbons, oilseed and grain — rose 1.3% during July vs. a month earlier, following a 0.7% increase in June. The two-month upswing came after sales sunk 2.3% during April and were flat in May.
source: tradingeconomics.com
July’s growth figure was the nation’s strongest in six months, matching January. The increase primarily reflected higher sales in the motor vehicle, parts and accessories subsector.
The wholesale trade gain coincided with an advance report for Canada manufacturing sales showing that factory sales likewise increased 1.8% in July after a 0.3% June increase. The largest monthly gains were in transportation equipment, followed by petroleum and coal.
source: tradingeconomics.com
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