By Paul Vieira
OTTAWA--Canadian wholesale transactions increased in October, with the automotive sector driving results. The prior month's sales data were also revised sharply higher.
Statistics Canada's preferred measure of wholesale transactions -- which excludes petroleum and associated products -- climbed 1% in October from the month prior to a seasonally adjusted 83.7 billion Canadian dollars, the equivalent of $58.9 billion, Statistics Canada said Friday. The figure was higher than the data agency's advance estimate for a rise of 0.5%.
Total wholesale transactions rose 3.3% in October.
Statistics Canada also said wholesale transactions, excluding petroleum and other associated products, for September were revised, and indicated that sales rose 1.3% in the prior month versus its earlier estimate of a 0.8% advance.
Wholesalers--the largest component of Canada's services sector--connect farmers or manufacturers that produce goods with companies and public institutions that use them. They also import goods from other countries and redistribute them within Canada.
The data agency said wholesale transactions were powered by the transportation sector. Sales in the motor vehicle and motor vehicle parts and accessories subsector climbed 3.2% to C$14.8 billion in October.
Write to Paul Vieira at paul.vieira@wsj.com
(END) Dow Jones Newswires
12-13-24 1012ET
