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Canadian wholesale sales rose more than expected at the fastest rate in more than a year in July, adding to a growing pile of evidence that the country's economy is on the mend.
Wholesale sales increased for the second consecutive month in July, mainly as a result of higher sales in the automotive products sector, according to data released Friday by Statistics Canada.
Sales rose 2.8% to $41.7 billion, while economists were looking for a more modest increase of nearly 1%. In volume terms, wholesale sales were up 2.6% in July, their fourth consecutive monthly increase.
In July, five of the seven wholesale trade sectors had stronger sales, while the food, beverage and tobacco products and farm products sectors posted the only declines.
The largest increase was in the automotive products sector, which benefited from higher Canadian exports to the US.
Sales in the automotive products sector were up 14.2% to $6.8 billion in July, a sixth straight monthly advance. Despite this gain, sales in the automotive products sector remained 13.5% below their July 2008 level.
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