Canadian wholesale sales remained a at a record high in November as an increase in motor-vehicle receipts countered declining machinery and equipment orders.
Sales held steady at C$50.4 billion ($45.8 billion), Statistics Canada said today in Ottawa, compared with the 0.3 percent gain that was the median forecast in a Bloomberg survey with 11 responses.
Bank of Canada Governor Stephen Poloz is counting on a rotation to business investment and exports from spending by indebted consumers to lead economic growth of 2.3 percent this year. Poloz will update his economic forecasts tomorrow and probably keep his benchmark interest rate at 1 percent where it’s been for more than three years.
Motor vehicle and parts sales rose 2.5 percent to C$8.68 billion in November, Statistics Canada said. Machinery, equipment and supplies sales fell 0.8 percent to C$11 billion.
The volume of wholesale sales, which removes the impact of price changes, declined by 0.1 percent.
Statistics Canada today also revised its October wholesale sales figure lower, reporting a gain of 1.2 percent from an earlier 1.4 percent.
Inventories decreased 0.3 percent to C$61.5 billion. The inventory-to-sales ratio, a measure of how many months it would take to deplete stocks at the current sales pace, remained at 1.22 in November.
To contact the reporter on this story: Greg Quinn in Ottawa at firstname.lastname@example.org
To contact the editor responsible for this story: Paul Badertscher at email@example.com