Canada April wholesale sales +0.4% vs -0.9% expected
Canada April wholesale sales data
- Prior was +2.8%
- Sales up in 3 of the past 4 months
- Volumes fell 0.2%
- Building materials +8.7% to record
- Sales of vehicles and parts fell 4.4% on chip shortage
- Inventories unchanged
- Inventory to sales ratio unchanged at 1.31
The chip shortage and other bottlenecks makes it tough to forecast sales and demand going forward but you have to assume that auto demand will remain, it will just be spread out over a longer period.
The larger headwind may be in building materials where there are signs that real estate and renos are cooling.