Statistics
Canada reported on Thursday that wholesale sales jumped 1.4 percent m-o-m to record-high
CAD72.49 billion in October, following an unrevised 1.0 percent m-o-m gain in September. This marked
the fastest pace of increase in wholesale sales since March. Given this advance,
sales in October were 11.4 percent higher than their pre-pandemic levels.
Economists
had forecast a 1.4 percent m-o-m increase for October.
According
to the report, sales rose in five of the seven subsectors, led by motor vehicle
and motor vehicle parts and accessories (+7.1 percent m-o-m). Meanwhile, food,
beverage and tobacco (-1.3 percent m-o-m), and machinery, equipment and
supplies (-0.2 percent m-o-m) witnessed declines in sales.
Excluding
motor vehicle and motor vehicle parts and accessories subsector, wholesale
sales rose 0.5 percent m-o-m.
In
y-o-y terms, wholesale sales climbed 8.4 percent in October.