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June Wholesale Sales Post Surprise Gain.>

CANADA DATA: June Wholesale Sales Post Surprise Gain
- 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 

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