Wholesale Trade Dipped in November
CBJ — The pace of Canadian wholesale trade cooled more than expected in November as declines in the motor vehicle and parts sector offset higher sales of agricultural supplies, data from Statistics Canada showed on Monday.
The 0.2% gain missed economists’ forecasts for an increase of 0.5%, while volumes were down 0.1%. The soft figures came after strong October growth, which was revised up to 1.3% from the previously reported 1.1%.
Sales in November rose in four out of seven sectors. The “miscellaneous” category led the way up with a 7.2% increase, driven by sales in agricultural supplies. The sector also includes chemicals and paper products.
Sales of building material and supplies rose 3.8% as exports of forestry products increased.
But the motor vehicle sector was the biggest drag on wholesale trade, falling 5.8% in just its second decrease in eight months.