- CIBC World Markets
Canadian wholesale trade fell less than expected during the second month of the year amid lower sales of household goods and food. Statistics Canada reported on Monday that wholesale sales dropped 0.2% on a seasonally adjusted basis in February to C$58.86B ($43.58B), following the preceding month's downwardly revised gain of 3.0%. However, that came in above analysts' forecasts of a 1.0% decline. In volume terms, sales edged down 0.4%. On an annual basis, wholesale trade climbed 6.6%. Sales declines were registered in four out of seven sectors, making up 54% of wholesale trade. The personal and household goods sector contributed the most to the February drop, with sales decreasing 1.7%. Moreover, sales fell in five out of six of the sector's industries. Sales in the food, beverage and tobacco sector dropped 1.0%, with the biggest declines in the food industry. Nevertheless, the building material and supplies sector posted a 0.6% rise, partially offsetting declines in other sectors and marking the fifth straight monthly increase. In the meantime, wholesale inventories increased 0.2% and 2.2% month-over-month and year-over-year, respectively. The following rise signalled that production exceeded consumption in the reported month.
© Dukascopy Bank SA