Canada Wholesale Sales Advance 0.7% to Highest Level Since JuneTheophilos Argitis
Canadian wholesale sales climbed for a second month in November, rising to the most since June, led by computer and telecommunication equipment.
Sales advanced 0.7 percent in November to C$49.6 billion ($49.9 billion) after a revised 0.8 percent gain in October, Statistics Canada said today in Ottawa. Economists surveyed by Bloomberg projected a 0.5 percent gain, the median of 16 forecasts.
The report adds to some signs of strength in the world’s 11th largest economy after a weak third quarter with growth at a 0.6 percent annualized pace. Other reports published this month have shown greater-than-forecast increases in employment and factory sales.
Five of the seven major categories tracked by the agency rose in November, Statistics Canada said, led by motor vehicles and machinery and equipment. Wholesalers of motor vehicles and parts recorded a 1.5 percent rise in sales, while machinery and equipment wholesalers posted a 1.8 percent gain. Computer and communications suppliers registered a 6.3 percent gain.
The volume of wholesale sales, which removes the impact of price changes, increased 0.5 percent.
Receipts have stagnated after reaching a record C$50 billion in May. Wholesale sales were 3.2 percent higher in November than the same month a year earlier.
Wholesale inventories fell 0.4 percent to C$61.2 billion in November. The inventory-to-sales ratio, a measure of how many months it would take to deplete stocks at the current sales pace, fell to 1.24 in November from 1.25 in October.