Wholesale sales hit record high in October

Statistics Canada says wholesale sales climbed to a record high in October, led by gains in sales in the auto sector as automakers were able to secure semiconductor chips that have been in short supply.

The agency says wholesale sales rose 1.4% in October to $72.5 billion, the highest level on record, as five of the seven subsectors climbed higher for the month.

Sales of motor vehicles and motor vehicle parts and accessories led the gains as they added 7.1% for the month to reach $10.8 billion.

Higher sales of lumber and other building materials helped boost sales of building material and supplies which rose 1.9% in October to $11.4 billion.

The miscellaneous product subsector gained 1.9% at $10.6 billion.

In constant dollar terms, Statistics Canada says wholesale sales grew 0.6% in October.

The Canadian Press

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