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Mfg and Wholesale Sales Beat In May But Tepid Trends

CANADA DATA
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  • Manufacturing sales increased 0.4% M/M (advance 0.2%) in May after an upward revised 1.4% (initial 1.1%) in April.
  • Volumes increased a reasonable 0.4% M/M after 0.7% in April, but they still have a way to go to claw back the heavy -1.6% from March. It leaves sales -4.3 annualized on a 3M/3M basis.
  • Wholesale sales ex petroleum were -0.8% M/M (advance -0.9%) although with the small beat offset by a downward revised 2.0% (initial 2.4%) in April.
  • Volumes were -0.8% M/M after 1.4%, with the 3M/3M down a heavy -3.7% annualized.
  • It comes ahead of retail sales on Friday, seen slipping -0.5% M/M (advance -0.6%) in May after 0.7% in April.
  • Combined, the three monthly indicators point to a tepid May, although we have to wait until Jul 31 for May GDP.

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  • Manufacturing sales increased 0.4% M/M (advance 0.2%) in May after an upward revised 1.4% (initial 1.1%) in April.
  • Volumes increased a reasonable 0.4% M/M after 0.7% in April, but they still have a way to go to claw back the heavy -1.6% from March. It leaves sales -4.3 annualized on a 3M/3M basis.
  • Wholesale sales ex petroleum were -0.8% M/M (advance -0.9%) although with the small beat offset by a downward revised 2.0% (initial 2.4%) in April.
  • Volumes were -0.8% M/M after 1.4%, with the 3M/3M down a heavy -3.7% annualized.
  • It comes ahead of retail sales on Friday, seen slipping -0.5% M/M (advance -0.6%) in May after 0.7% in April.
  • Combined, the three monthly indicators point to a tepid May, although we have to wait until Jul 31 for May GDP.