Wholesale sales rose 0.1% in April: Statistics Canada

Statistics Canada says wholesale sales gained 0.1% to $63.1 billion in April.

The small increase came as gains in machinery, equipment and supplies and the food, beverage and tobacco subsectors were offset by a drop in the motor vehicle and parts subsector.

The agency says wholesale sales in volume terms were unchanged.

Sales were up in three of the seven subsectors.

The machinery, equipment and supplies subsector climbed 2.3% to $13.0 billion, while the food, beverage and tobacco subsector rose 1.9% to $12.1 billion.

The motor vehicle and parts subsector fell 4.0% to $11.5 billion.

Read: Canada’s Q1 growth lowest in almost two years

The wholesale report is unlikely to change forecasts for GDP in Q2, said Royce Mendes, senior economist at CIBC Economics, in a note. Attention will now focus on CPI and retail sales reports expected tomorrow, “the next major hurdle to pass for the Bank of Canada to hike rates in July,” he said.

Also read:

Wholesale sales in March surprise to the upside

What investors can learn from Q1 results

Staff, with files from The Canadian Press

The Canadian Press is a national news agency headquartered in Toronto and founded in 1917.