Canadian wholesale sales dropped 2.1% in July

Statistics Canada announced that wholesale sales fell 2.1% in July, the second consecutive decline and the largest since April 2020.

The Federal agency says that, excluding the sharp decline created by the first wave of COVID-19, July’s fall was the largest since February 2016, when sales decreased 2.1%.

The decline was entirely the result of a 12.4% drop in sales of building materials and supplies, fuelled by lower prices for lumber. Excluding the building material and supplies subsector, wholesale sales rose 0.1%.

Wholesale sales decreased in seven provinces and one territory in July, accounting for 43% of total national sales. Lower sales in Quebec generated over three-quarters of the drop in national wholesale sales.

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