OTTAWA (Reuters) - The value of Canadian wholesale trade rebounded in June after a drop in May, rising 1.3 percent on broad strength across most of the economy, Statistics Canada said on Thursday.
The increase exceeded the 1.0 percent advance forecast by market analysts. Statscan revised May’s month-on-month fall to 0.9 percent from an initial decline of 1.0 percent.
Higher sales were recorded in five sub sectors in June, representing 86 percent of wholesale sales. The biggest driver was the motor vehicle and parts category, which climbed 3.0 percent from May.
After two consecutive declines, sales in the personal and household goods sector rose by 2.2 percent to hit a new record.
The miscellaneous sector, which includes agricultural supplies and chemical products, fell for the fifth time in six months, dropping 1.7 percent. Dry weather in crop-growing western provinces contributed to the decline.
Inventories edged up 1.1 percent to hit a record high, with gains registered in six of seven subsectors.
Reporting by David Ljunggren Editing by W Simon