June Wholesale Sales Post Surprise Gain.>

CANADA DATA: June Wholesale Sales Post Surprise Gain

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- Wholesales +0.6% m/m vs. MNI Median -0.3% and prior -1.9%

- In volume terms, wholesales +0.6% m/m; +1.3% y/y

- Wholesale sales ex-autos +1.1% m/m; +2.2% y/y

- 2Q wholesales +1.3%, volumes +1.2% q/q

- Wholesale sales increased for 13th consecutive quarter

- Misc. (+3.5%) & machinery (+1.5%) drove June sales increase

- Motor vehicles (-2.4%) were the primary drag on sales

- Sales rose in all provinces for first time since October 2017

- Inventories +1.5% m/m to C$93.3B, the 10th consecutive rise

- Motor vehicle inventories jump to highest recorded level

- Motor vehicle inventories +3.6% m/m to $13.4B

- Inventory-to-sales +0.01 to 1.45, the highest in 24 years