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15.03.2024

Canada’s wholesale sales unexpectedly edge up in January

Statistics Canada announced on Friday that wholesale sales (excluding petroleum and oilseed and grain) increased 0.1 per cent m-o-m to CAD82.41 billion in January 2024, following a downwardly revised 0.3 per cent m-o-m fall (from +0.3 per cent m-o-m) in December 2023. 

Economists had foreseen a 0.6 per cent m-o-m decline for January.

According to the report, sales rose in three of the seven subsectors, including Personal and household goods (+1.8 per cent m-o-m), Machinery, equipment and supplies (+1.4 per cent m-o-m), and Miscellaneous (+0.9 per cent m-o-m). Meanwhile, Farm product, excluding oilseed and grain (-3.5 per cent m-o-m), and Building material and supplies (-2.9 per cent m-o-m) demonstrated the largest decreases in wholesale sales in January.

In y-o-y terms, wholesale sales (excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain) fell 2.0 per cent in January.

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