Wholesale sales dropped one per cent in March, says Statistics Canada
Sales fell in five of the seven subsectors, leading to reduction twice as deep as economists' forecasts
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OTTAWA—Statistics Canada says wholesale sales fell 1.0 per cent to $54.6 billion in March.
Economists had expected a drop of 0.5 per cent, according to Thomson Reuters.
Sales fell in five of the seven subsectors, led by the motor vehicle and parts group and the miscellaneous subsector.
The motor vehicle and parts subsector fell 2.5 per cent to $10.3 billion, its lowest level in four months. Meanwhile, the miscellaneous subsector fell 3.2 per cent to $6.7 billion.
Higher sales were recorded in the machinery, equipment and supplies subsector which gained 0.5 per cent to $11.0 billion.
Wholesale sales fell 0.4 per cent in volume terms.