Wholesale sales exceeded forecasts in April
by The Canadian Press
Statistics Canada says the machinery, equipment and supplies subsector led April's wholesale growth, but the motor vehicles and parts subsector stumbled
OTTAWA—Wholesale sales in Canada were better than expected in April as they advanced 1.0 per cent to $61.0 billion, led by the machinery, equipment and supplies subsector.
Economists had expected an increase of 0.5 per cent, according to Thomson Reuters.
Statistics Canada says three of the seven subsectors tracked, accounting for 41 per cent of total wholesale sales, moved higher for the month. In volume terms, sales increased 0.7 per cent for the month.
The machinery, equipment and supplies subsector recorded the largest gain in dollar terms as it increased 7.3 per cent to $12.4 billion.
Sales in the food, beverage and tobacco subsector rose 1.5 per cent to $11.8 billion.
Meanwhile, the motor vehicle and parts subsector fell 1.7 per cent to $11.3 billion. The building material and supplies subsector also fell 0.7 per cent, its first move lower since January 2017.
Editor’s Note: This story has been corrected to show the building material and supplies subsector fell 0.7 per cent, its first move lower since January 2017. It originally stated the sector fell 1.0 per cent.