20 October 2011, 18:06  Canadian wholesale sales inches up

Canadian wholesale sales inched up at a slower than expected pace in August, despite increases most sectors of the economy, official data revealed Thursday. Wholesale sales rose up 0.2 percent in August to C$48.4 billion following a 0.9 percent advance in July, according to figures from Statistics Canada. Economists expected a 0.4 percent monthly advance in August. In volume terms, wholesale sales fell 0.9 percent in August. The largest increase in dollar terms came in the machinery, equipment and supplies subsector. Sales rose 0.7 percent to C$10.5 billion in August, the sixth monthly sales increase since the beginning of the year. Food, beverages and tobacco products sales rose 0.5 percent. Sales in the motor vehicle and parts subsector gained 0.4 percent, reflecting an increase of 1.7 percent in the motor vehicle industry. On the other hand, the agricultural supplies industry saw sales tumble 13.7 percent. Inventories rose 0.9% to $57.2 billion in August, posting their eighth consecutive monthly increase.

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