Up from -0.3% last month
The Canada wholesale trade sales for the month of May comes in a 0.9% vs 0.8% estimate. The prior month was revised to -0.3% from -0.2%.
Gains were recorded in four of seven subsectors, accounting for 60% of total wholesale sales, and were led by the building material and supplies subsector.
In the first quarter of 2017, wholesale sales were up 3.6% from the fourth quarter of 2016. This was the highest quarterly change since the second quarter of 2008.
- Sales ex auto were up 1.2%.
- Inventories fell -0.3%
- Inventory to Sales ratio fell to 1.29 from 1.31
- In volume terms wholesales sales rose 0.6% vs Feb
The building material and supplies subsector recorded the largest increase with sales rising by 3.9% to a record high. Higher sales in the lumber, millwork, hardware and other building supplies industry (+5.7%) and the metal service centres industry (+8.2%) contributed. Exports of lumber and other sawmill and millwork products rose 6.0% in March.
The food, beverage and tobacco subsector posted a second consecutive increase with sales growing 1.1%.
Sales were up 0.5% in the personal and household goods subsector.
The machinery, equipment and supplies subsector decreased 0.5% to $11.6 billion, following five months of increases.
Sales in the motor vehicle and parts subsector edged down 0.2% as sales in the motor vehicle industry declined 0.5%. This was a second consecutive decline for both the subsector and the industry.
The price of the USDCAD fell on the report from 1.3472 to a low of 1.3459. It is stabilizing at 1.3462 currently