Wholesale sales ticked higher in May after record plunge in April

OTTAWA — Statistics Canada says wholesale sales ticked higher in May after posting a record plunge in April due to the COVID-19 pandemic.

The agency says wholesale sales rose 5.7 per cent to $52.6 billion in May following the 21.4 per cent drop in April.

Economists on average had expected an increase of 8.5 per cent for May, according to financial markets data firm Refinitiv.

The overall increase came as six of seven subsectors recorded higher sales.

Statistics Canada says that in dollar terms the building material and supplies and the motor vehicle and motor vehicle parts and accessories subsectors contributed the most to the gain.

Wholesale sales volumes increased 5.2 per cent for the month.

This report by The Canadian Press was first published July 17, 2020.

The Canadian Press