Home Breadcrumb caret Economy Breadcrumb caret Economic Indicators Autos contribute to June wholesale sales drop Statistics Canada says wholesale sales fell 0.8% in June to $63.1 billion. The drop came as the motor vehicle and parts subsectors saw sales drop 1.9% to $10.9 billion. The miscellaneous subsector fell 2.2% to $8.2 billion on lower sales in the agricultural supplies industry. Overall, Statistics Canada says sales were down in five of […] By Staff, with files from The Canadian Press | August 21, 2018 | Last updated on August 21, 2018 1 min read Statistics Canada says wholesale sales fell 0.8% in June to $63.1 billion. The drop came as the motor vehicle and parts subsectors saw sales drop 1.9% to $10.9 billion. The miscellaneous subsector fell 2.2% to $8.2 billion on lower sales in the agricultural supplies industry. Overall, Statistics Canada says sales were down in five of the seven subsectors tracked, accounting for 71% of total wholesale sales. Wholesale sales in volume terms fell 1.1%. Royce Mendes, senior economist at CIBC World Markets, called the June numbers a “wholesale write-off.” In a research note, Mendes wrote that the drop came against a consensus forecast for a 0.7% gain. May’s numbers were also revised down to 0.9% to 1.2%, he said. “Overall, while this won’t materially change tracking forecasts for a roughly 3% annualized gain in Q2, it is a sign that momentum might be tailing off to end the quarter,” Mendes wrote. Read: Canadian exports surge while U.S. trade deficit widens Western provinces lead gain in May wholesale sales At 2.5%, inflation in June rises to highest point since 2012 Staff, with files from The Canadian Press The Canadian Press is a national news agency headquartered in Toronto and founded in 1917. Save Stroke 1 Print Group 8 Share LI logo