Provincial economy warmed up in August

Saskatchewan’s wholesale trade in August was up 12.9 per cent on a year-over-year basis, the highest percentage increase among the provinces, according to data released by Statistics Canada on Tuesday.

Wholesale trade in the province totalled $2.3 billion in August, the highest ever for the month. Between July and August, wholesale trade was up 9.3 per cent, the second-highest increase among the provinces.

“Increases in wholesale trade are a good sign that Saskatchewan’s economy is making gains,” Economy Minister Bill Boyd said in a news release. “The largest rise in August came in agricultural supply products, helping to support one of the largest sectors of our economy.”

By contrast, wholesale trade in Canada edged down 0.1 per cent to $55.3 billion in August, the federal agency said. Economists had expected a gain of 0.2 per cent, according to Thomson Reuters.

In volume terms, wholesale sales fell 0.5 per cent in August.

Four subsectors were lower. The machinery, equipment and supplies subsector fell 2.4 per cent to $11 billion, its lowest level since April 2014. The motor vehicle and parts subsector also dropped 1.2 per cent to $10.1 billion, while sales in the food, beverage and tobacco subsector fell 0.4 per cent to $10.7 billion in August.

The miscellaneous subsector rose 4.3 per cent to $7.3 billion, its highest level in four months, while the building material and supplies subsector rose 1.0 per cent to $7.7 billion in August.

Higher sales in the miscellaneous subsector partially offset some of the declines.

Sales were down in six provinces, led by Ontario, which saw sales fall 1.1 per cent to $27.7 billion. Aside from Saskatchewan, which posted its first increase in wholesale trade in eight months, Manitoba also increased 5.8 per cent to $1.5 billion.