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TheStar.com | Business | Wholesale sales pick up pace on auto gains, weaker dollar
Wholesale sales pick up pace on auto gains, weaker dollar
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Aug 20, 2008 04:30 AM
From the Star's wire services

Canadian wholesale sales rose at the fastest pace in 16 months as the automotive industry rebounded.

Sales advanced 2 per cent to $45.2 billion, Statistics Canada said.

Economists surveyed said sales would gain 0.7 per cent, the median of 16 estimates. The agency revised May's gain to 1.5 per cent from the initially reported 1.6 per cent.

Manufacturers are starting to benefit from a weaker currency, while auto shipments are recovering after a three-month strike at a supplier to General Motors Corp.

Wholesale sales of automotive products jumped 10.6 per cent in June, the biggest monthly increase since 2005.

Excluding autos, sales were up 0.4 per cent. Six of seven industry components recorded higher sales in June.

Removing the effect of price changes, sales gained 1 per cent.

Wholesalers of food, beverages and tobacco products increased sales by 2.7 per cent, while sales of building materials rose 5 per cent.

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