Canadian Wholesale Receipts Rise for Third Month in SeptemberTheophilos Argitis
Canadian wholesale sales rose for a third month in September, led by a surge of receipts in Saskatchewan.
Sales rose 0.2 percent to C$49.8 billion ($47.7 billion), Statistics Canada said today in Ottawa, compared with the median estimate for a 0.3 percent gain in a Bloomberg survey with 12 responses. The agency also revised down the gain in August to 0.4 percent from an initial estimate of 0.5 percent.
Wholesalers have seen receipts stall since the first half of 2012, coinciding with a slowdown in the Canadian economy that reflects slumping exports and business investment. Sales in September were 0.2 percent below May 2012 levels. From a year ago, sales were 2.6 percent higher.
Canada’s economy is projected to expand 1.7 percent this year, the Paris-based Organization for Economic Cooperation and Development forecast this week. That would be unchanged from 2012, matching the slowest pace for growth since the 2009 recession, when output contracted 2.7 percent.
Four of seven major categories tracked by Statistics Canada rose in September, representing about 45 percent of sales.
Sales in the province of Saskatchewan rose 4.6 percent during the month led by increased sales of farm products, which gained 4.8 percent nationally, and agricultural supplies, which rose 4.3 percent.
In volume terms, wholesale sales rose 0.2 percent, Statistics Canada said.
Inventories decreased 0.2 percent to C$61.8 billion, leaving the ratio of inventories to sales unchanged at 1.24.