By Investing.com — Canadian wholesale trade experienced a likely drop of 0.7% in November compared to October, according to a preliminary estimate released by Statistics Canada on Friday.
The decrease was primarily attributed to lower sales in the motor vehicle and motor vehicle parts and accessories, along with the building material and supplies subsectors.
This estimate was derived from a weighted response rate of 58.8%. For comparison, the average weighted response rate for the survey over the previous 12 months stood at 81.9%.
On the other hand, Canadian retail sales saw growth of 0.6% in October from September, reaching C$67.58 billion ($46.99 billion). This growth was primarily led by increased sales at motor vehicle and parts dealers.
However, Statistics Canada’s preliminary estimate suggests that retail sales in November remained unchanged from October.
In October, five out of nine retail trade subsectors, which represent 52.6% of the total retail trade, reported increased sales. In terms of volume, retail sales remained steady.
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