Robb M. Stewart
OTTAWA--An advance estimate of Canadian wholesale trade indicates a rebound in April on the back of higher sales of motor vehicles, parts and accessories.
Statistics Canada on Monday said an advance tally of wholesale sales points to an increase of 2.8% for the month.
March sales in the wholesale sector dropped 1.1% from the month before to a seasonally adjusted 81.41 billion Canadian dollars, the equivalent of $59.52 billion, due in large part to weakness in vehicle sales with several manufacturing plants undertaking retooling work on assembly lines to produce new models, the data agency reported earlier this month. On a volume basis, sales fell 1.2% from the month before.
Statistics Canada's preliminary estimate of retail sales receipts points to an increase of 0.7% for April, and it estimated manufacturing sales rose 1.2% on the month before due in part to an increase in transportation equipment.
The wholesale trade estimate for April was based on a weighted response rate to Statistics Canada's survey of 67.8%. The data agency is scheduled to release official wholesale trade data June 14.
Write to Robb M. Stewart at robb.stewart@wsj.com
(END) Dow Jones Newswires
05-27-24 0858ET
