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Canada May Wholesale Sales Beat All Forecasts Led by Automobiles

Canadian wholesale sales exceeded all economist forecasts in May, led by a jump in automobile sales, government figures showed.

Sales rose 2.2 percent to C$52.6 billion ($48.9 billion), Statistics Canada said today in Ottawa. The highest forecast in a Bloomberg News survey of 11 economists was 0.9 percent, and the median prediction was 0.6 percent.

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. The central bank forecast this week it will take about two years for the economy to reach full output.

Motor vehicle and parts sales jumped 9.8 percent to C$9.29 billion in May. Motor vehicles jumped 13.2 percent, the largest increase since November 2009. Sales excluding motor vehicles and parts rose 0.7 percent.

The volume of wholesale sales, which removes the impact of price changes, also rose 2.2 percent in May.

Statistics Canada today also revised April’s wholesale sales gain to 1.4 percent from its earlier 1.2 percent estimate.

Wholesale inventories increased 0.2 percent to C$65.2 billion, and the inventory-to-sales ratio fell to 1.24 in May from 1.27 in April.

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