Automotive and auto parts subsector grew by 17.1% to $11.9 billion, its first increase in three months.
March 20, 2017
by CP Staff
OTTAWA — The automotive sector helped Canadian wholesale sales beat expectations and hit a record in January in another sign of gathering strength in the economy.
Statistics Canada says wholesale sales climbed 3.3% to $59.1 billion in January, the largest monthly percentage gain since November 2009.
Economists had expected a gain of 0.5%, according to Thomson Reuters.
The data follows recent stronger-than-expected results for manufacturing sales, trade and job creation in Canada.
The motor vehicle and parts subsector grew by 17.1% at $11.9 billion, the largest gain in dollar terms and its first increase in three months.
Excluding the subsector, wholesale sales increased 0.3% in January.
In volume terms, overall wholesale sales increased 3.4%.News from © Canadian Press Enterprises Inc. 2016