Canadian Whole Sale Trade Data Shows the Increased Weakness
The economic rebound in Canada came later than in other countries and it was weaker, especially compared to the US, which is still keeping the pace of the recovery. Although, in August we have seen a cool down again the in the Canadian economy, as the data has shown recently. Today’s wholesale report confirmed the slowdown, as the economic growth fell to 0.3%, although slightly higher than expectations of 0.1%. This will catch up with the CAD, once US elections are over.
Canada August wholesale trade sales data:
- August wholesale trade sales +0.3% vs +0.1% expected
- July sales were +4.3% (revised to +5.2%)
- 4 of 7 subsectors rose, led by building materials and vehicles
- Declines led by households goods
- Sales are 1.7% above pre-pandemic levels
- Inventories were flat
These numbers aren’t that solid and yet they are still outdated. I don’t know if they tell us anything about where the economy is in October. From what we have seen in other countries, the weakness should get worse in the coming months, as coronavirus restrictions increase again.
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