Investing.com - Canadian wholesale sales rose more-than-expected in December, rebounding from the preceding month’s decline, official data showed on Tuesday.
In a report, Statistics Canada said wholesale sales rose by 0.9% in December, beating expectations for a 0.5% gain.
December's increase in wholesale sales was the seventh in the last eight months of the year.
November's figure was revised to a 0.3% drop from a previously reported decline of 0.4%.
Year-on-year, Canadian wholesale sales rose at an annualized rate of 6.8% in December, after climbing by a revised 6.8% in November.
Canadian wholesale sales totaled CAD49.6 billion in December.
According to the data, four of the seven subsectors, representing 71% of wholesale sales, reported increases.
The motor vehicle and parts subsector rose 3.4%, posting the strongest gain. Sales in this subsector reached CAD8.4 billion in December, their highest level since March 2007.
Following the release of the data, the Canadian dollar held on to losses against its U.S. counterpart, with USD/CAD gaining 0.28% to trade at 0.9964.
In a report, Statistics Canada said wholesale sales rose by 0.9% in December, beating expectations for a 0.5% gain.
December's increase in wholesale sales was the seventh in the last eight months of the year.
November's figure was revised to a 0.3% drop from a previously reported decline of 0.4%.
Year-on-year, Canadian wholesale sales rose at an annualized rate of 6.8% in December, after climbing by a revised 6.8% in November.
Canadian wholesale sales totaled CAD49.6 billion in December.
According to the data, four of the seven subsectors, representing 71% of wholesale sales, reported increases.
The motor vehicle and parts subsector rose 3.4%, posting the strongest gain. Sales in this subsector reached CAD8.4 billion in December, their highest level since March 2007.
Following the release of the data, the Canadian dollar held on to losses against its U.S. counterpart, with USD/CAD gaining 0.28% to trade at 0.9964.