OTTAWA (Reuters) - Canadian wholesale sales jumped by an unexpectedly high 2.2 percent in May from April to a record C$52.58 billion ($49.14 billion), Statistics Canada data indicated on Friday.
The leap was greater than the 0.6 percent advance forecast by market participants and eclipses the previous high of C$51.44 billion set in April. Statscan revised April’s month-on-month gain up to 1.4 percent from an initial 1.2 percent.
The motor vehicles and parts sub sector rose 9.8 percent in May, accounting for most of the overall month-on-month gain. The motor vehicle industry soared 13.2 percent, the highest jump since the 15.9 percent it recorded in November 2009.
Sales in the food, beverage and tobacco sub sector rose by 1.9 percent, the eighth increase in the last 12 months.
Inventories edged up by 0.2 percent while the inventory-to-sales ratio fell to 1.24 from 1.27 in April. In volume terms, wholesale sales rose by 2.2 percent in May from April.
Reporting by David Ljunggren; Editing by Bernadette Baum