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- Canada’s wholesale sales decrease 0.7 percent in February
Canada’s wholesale sales decrease 0.7 percent in February
Statistics
Canada reported on Friday the wholesale sales fell 0.7 percent m-o-m to CAD68.76
billion in February, following an unrevised 4.0 percent m-o-m advance in January. This
marked the second decline in wholesale sales in the last three months. Despite the drop, sales in February were the second-highest on record for the sector.
Economists
had forecast a 0.4 percent m-o-m drop for February.
According
to the report, sales went down in four of the seven subsectors, led by building
material and supplies (-6.1 percent m-o-m), and motor vehicle and motor vehicle
parts and accessories (-2.5 percent m-o-m).
Excluding
motor vehicle and motor vehicle parts and accessories subsector, wholesale
sales decreased 0.3 percent m-o-m.
In
y-o-y terms, wholesale sales rose 6.5 percent in February.
Meanwhile,
wholesale inventories jumped 1.1 m-o-m in February to CAD92.24 billion,
recording their third monthly gain in a row, which was the largest one since
June 2019. Inventories increased in five of the seven wholesale subsectors,
with the machinery, equipment and supplies (+2.4 percent m-o-m) and the
personal and household goods (+1.9 percent m-o-m) subsectors registering the
largest advances.
In
y-o-y terms, wholesale inventories increased 1.1 percent in February.
The inventory-to-sales ratio rose to 1.34 in February
from 1.32 in January.
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