MIKE SEGAR
In another sign the Canadian economy's recovery is faltering, wholesale trade unexpectedly fell 0.1 per cent in July from June on weaker sales of motor vehicles, Statistics Canada data showed Monday.
Market traders had expected a 0.3-per-cent increase over June. In volume terms, wholesale trade dropped 0.3 per cent.
A recent string of weak data on exports, manufacturing and employment has prompted analysts to predict second-quarter economic growth in Canada to be about half the 6 per cent annualized rate seen in the first quarter.
The biggest drop in wholesale sales came in the motor vehicle and parts subsector, which fell 3.2 per cent. Excluding the subsector, sales rose 0.6 per cent.
Wholesale inventories climbed 0.5 per cent in July to their highest level since August, 2009, led by industrial machinery, food products and lumber.