Statistics Canada says wholesale sales reached record high in July
OTTAWA -- Statistics Canada says wholesale sales rose 4.3 per cent in July to a record high of $65.0 billion, boosted by the motor vehicle and motor vehicle parts and accessories subsector.
Economists had expected an increase of 3.5 per cent in July, according to financial markets data firm Refinitiv.
Statistics Canada say the gains in July, the third consecutive month of growth, put wholesale sales up 0.6 per cent from the pre-COVID-19 level in February.
The rise came as the motor vehicle and motor vehicle parts and accessories subsector rose 19.3 per cent, the third consecutive month of growth.
Excluding the subsector, wholesale sales increased 1.8 per cent.
Wholesale sale volumes grew 4.2 per cent in July.
This report by The Canadian Press was first published Sept. 18, 2020