Wholesale sales up 1.4 per cent in October: StatsCan
OTTAWA - Statistics Canada says wholesale sales rose 1.4 per cent to $50.5 billion in October following two months of weak growth.
October's growth was much stronger than expected, with analysts caliing for an increase of 0.3 per cent.
StatsCan says higher sales were reported in five of seven subsectors, representing over 70 per cent of wholesale sales.
It says the machinery, equipment and supplies subsector led the growth in October, rising 5.6 per cent to $11.2 billion.
This was the largest monthly growth for the subsector since September 2003.
Sales in the motor vehicle and parts subsector decreased 1.4 per cent in October after three consecutive monthly gains.
Higher sales were recorded in eight provinces, with Alberta, Quebec and Ontario responsible for most of the gains.
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