Canadian wholesale sales rebounded in October from the biggest drop in almost two years, led by higher food and motor vehicle receipts, adding to evidence the economy may have accelerated in the fourth quarter.
Sales rose 0.9 percent in October to C$49.2 billion ($49.9 billion) after a revised 1.5 percent decline in September, Statistics Canada said today in Ottawa. The gain exceeded all 14 forecasts in a Bloomberg survey, which had a median estimate of a 0.5 percent increase.
The report adds to evidence the world’s 11th largest economy may be rebounding after a weak third quarter. Other reports published this month have shown greater-than-forecast increases in employment and building permits.
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Dean Popplewell
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