Canadian wholesale sales grew more than expected and at the fastest rate in more than a year this past July.
Wholesale sales in current dollars rose 2.8% to $41.7 billion in July, compared with June. Economists had been expecting about 1% growth.
B.C., however, experienced wholesale sales growth that was below the national average, rising 1.5% to $4.2 billion. Saskatchewan and New Brunswick were the only provinces that notched wholesale sales drops.
Nationwide, wholesale sales by volume grew for a fourth consecutive month, up 2.6% in July compared with June.
Higher wholesale sales in the automotive products sector (a 14.2% jump compared with June, to $6.8 billion) fueled the growth. Motor vehicle sales, specifically, were particularly strong, growing 18.5% compared with June, to $5.2 billion.
Food, beverage and tobacco were the only sectors which posted declines.
Automotive wholesale sales still have a way to go to catch the revved-up good times a year ago. The sector remains 13.5% below its July 2008 level of $7.8 billion.