Wholesale sales up 0.7 per cent

Canadian wholesale sales were better than expected in June, offering the latest sliver of economic optimism in what’s expected to be a rough quarter.

Statistics Canada said wholesale sales grew by 0.7 per cent to $56.4 billion, the third consecutive month of gains.

The figure topped the 0.1 per cent increase that had been expected by economists, according to Thomson Reuters.

“June’s GDP print should be a decent one, and it will find support in another healthy reading from wholesale trade,” CIBC economist Nick Exarhos said in a note to clients.

“Autos, personal goods and building materials led the advance, and the 0.6 per cent volume gain is a positive insofar as it adds to the healthy manufacturing report released last week.”

Last week, Statistics Canada reported manufacturing sales totalled $50.2 billion in June, a rise of 0.8 per cent, after a drop of 1.0 per cent in the prior month.

The overall reading for the economy in the second quarter is expected to show a contraction due in large part to the wildfires that devastated Fort McMurray, Alta., which forced the several oilsands operations to temporarily shut down, and weak trade figures for the threemonth period.

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