Statistics Canada reports that wholesale trade decreases in May while manufacturing sales increase

July 15, 2024 TruthUSA

According to Statistics Canada, wholesale sales, excluding petroleum, petroleum products, other hydrocarbons, and oilseed and grain, dropped by 0.8 percent to $82.2 billion in May.

This overall decline was driven by decreases in five of the seven subsectors, with the largest drop seen in motor vehicle and motor vehicle parts and accessories, which decreased by 3.8 percent to $13.9 billion.

In terms of volume, wholesale sales also decreased by 0.8 percent in May.

On the other hand, manufacturing sales saw a 0.4 percent increase to $71.4 billion in May, primarily due to a significant 11.2 percent rise in production in the aerospace product and parts industry group.

This growth followed a 1.1 percent increase in April.

When adjusted for inflation, manufacturing sales also rose by 0.4 percent in May, indicating a higher volume of goods sold.