By OTTAWA – According to an advance estimate by Statistics Canada, Canadian wholesale trade sales have rebounded in November. This growth is primarily driven by higher sales in motor vehicles and parts, as well as building materials and supplies.
The early indicator suggests a 0.8% increase in wholesale sales for the month. However, it’s important to note that this estimate is based on a weighted response rate of just under 58% and will be updated as data collection continues for November.
The estimates highlight a 3.2% rise in sales of motor vehicles, parts, and accessories. Additionally, building material and supplies sales saw a 1.6% increase, while personal and household goods sales were up by 1.3%. On the other hand, farm products sales experienced a decline of 8.9% month-on-month.
Earlier this month, Statistics Canada reported a 0.5% decrease in wholesale sales for September, reaching a seasonally adjusted value of 81.71 billion Canadian dollars ($61.52 billion).
Overall economic activity in Canada contracted during the third quarter of the year. Economists anticipate that there will be minimal to no growth in the final three months due to adjustments in the economy, driven by significantly higher interest rates and a steady inflation rate of 3.1% in November, ahead of the central bank’s 2% target.
The official November wholesale trade data is scheduled to be released by the data agency on January 15.
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