Canada wholesale sales data
- Largest drop in more than 3 years
- Prior was +1.7% (revised to +1.6%)
- Motor vehicles and parts -4.3% vs +2.7% prior
- Six of seven sub-sectors lower
- Inventories up 1.1% in 9th consecutive month of gains
- Inventory to sales ratio 1.39 vs 1.43 prior -- lowest since 1995
- Full report
Big miss on wholesale trade. It's a lower tier release and comes after five consecutive monthly increases. Decreased auto imports appears to be one catalyst along with an 11.1% drop in agricultural supplies. However the drop was broad and that will lead to lower estimates for Q2 growth.
