January 22, 2018 / 1:59 PM / a year ago

Canada wholesale trade up in November on broad-based strength

OTTAWA (Reuters) - The value of Canadian wholesale trade rose for the second month in a row in November on broad gains across sectors, including the food and vehicle industries, data from Statistics Canada showed on Monday.

The 0.7 percent increase was shy of economists’ forecasts for a 1 percent gain, while volumes rose 0.5 percent. October’s sales were revised slightly higher to 1.6 percent from the initially reported 1.5 percent.

Wholesale trade rose in six out of seven sectors in November, accounting for 99 percent of sales and led by a 1.9 percent increase in the food, beverage and tobacco industry.

The motor vehicle sector rose for the fourth time in five months, up 0.7 percent, on higher sales of new vehicle parts and accessories. Canadian auto sales topped the 2 million mark last year for the first time as consumers bought light trucks.

Inventories fell 1.2 percent, the first decline in eight months amid decreases in the machinery and equipment, and vehicle sectors.

Overall, the report boded well for overall economic growth in November after a strong year that prompted the Bank of Canada to begin raising interest rates.

Reporting by Leah SchnurrEditing by Chizu Nomiyama

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