Statistics Canada announced on Monday that wholesale sales fell 1.7
percent m-o-m to CAD85.59 billion in February, following an upwardly revised 6.1
percent m-o-m surge (from +2.4 percent m-o-m) in January. That marked the steepest
monthly decline in wholesale sales since April 2020 (-21.7 percent m-o-m).
Economists had forecast a 1.6 percent m-o-m drop for February.
According to the report, sales decreased in five of the seven subsectors, led by the motor vehicle and motor vehicle parts and accessories (-5.5
percent m-o-m), the food, beverage and tobacco (-3.9 percent m-o-m), and the building
material and supplies (-3.0 percent m-o-m) subsectors. Meanwhile, the
machinery, equipment and supplies (+1.5 percent m-o-m) and the miscellaneous (+1.6
percent m-o-m) subsectors recorded advances in wholesale sales.
Excluding the motor vehicle and motor vehicle parts subsector, wholesale
sales slump 1.0 percent m-o-m in February.
In y-o-y terms, wholesale sales climbed 7.4 percent in February.