- Prior was +2.4%
- Manufacturing sales +0.4% vs +0.2% expected
- Prior manufacturing sales +1.1%
- Wholesale inventories +0.9%
- Inventory-to-sales ratio increased from 1.53 in April to 1.55 in May
Sales declined in five of the seven subsectors in wholesale sales, with the largest decline coming from the motor vehicle and motor vehicle parts and accessories subsector, which fell 3.8%. Wholesale sales were 0.9% lower in May compared with the same month one year earlier.
Manufacturing sales were mainly driven by higher production in the aerospace product and parts industry group (+11.2%), followed by higher sales in the food (+1.4%) and paper (+5.5%) product subsectors. Meanwhile, sales of motor vehicles (-4.2%) and petroleum and coal products (-2.2%) decreased the most.
These numbers are unlikely to shift the Bank of Canada's thinking but they will look carefully at the Business Outlook Survey at 10:30 am ET. USD/CAD was last up 14 pips to 1.3644%.
