UPDATE 1-Canada July wholesale sales unexpectedly drop by 0.3 percent

Fri Sep 19, 2014 8:35am EDT
 
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(Adds details of release)

OTTAWA, Sept 19 (Reuters) - The value of Canadian wholesale sales in July unexpectedly dropped by 0.3 percent from June, pulled down in part by lower sales of agricultural supplies, Statistics Canada data indicated on Friday.

Analysts expected a 0.6 percent rise in July after three consecutive month-on-month advances. In volume terms, sales fell by 0.6 percent.

Declines in five sub sectors, which together represent 81 percent of wholesale sales, more than offset an increase in the motor vehicle and parts sub sector.

The miscellaneous sub sector dropped by 3.7 percent, due largely to an 8.1 percent decrease in sales of agricultural supplies. Statscan said "colder and wetter spring weather in the Western provinces contributed to higher than normal sales in June and lower than normal sales in July".

Wholesale inventories recorded a seventh consecutive gain in July, rising 1.0 percent.

(Reporting by David Ljunggren; Editing by Jeffrey Benkoe)