Statistics
Canada announced on Friday that wholesale sales (excluding petroleum and
oilseed and grain) rose 0.3 per cent m-o-m to CAD85.65 billion in February, following
an upwardly revised 1.4
per cent m-o-m jump (from +1.2 per cent m-o-m) in January. Overall, that was the third
straight monthly increase in wholesale sales.
Economists had forecast
a 0.3 per cent m-o-m advance for February.
According to
the report, sales rose in two
of the seven subsectors in February, accounting for more than 40.3 per cent of total
wholesale sales.
The machinery,
equipment and supplies (+7.1 per cent m-o-m) subsector posted
the largest advance in sales in February. It was followed by the food, beverage
and tobacco (+0.5 per cent m-o-m) subsector. Meanwhile, the farm product, excluding
oilseed and grain (-4.8 per cent m-o-m), and motor vehicle and motor vehicle
parts and accessories (-3.1 per cent m-o-m) subsectors recorded the steepest declines.
In y-o-y terms,
wholesale sales (excluding petroleum, petroleum products, and other
hydrocarbons and excluding oilseed and grain) surged 3.3 per cent in February.