Statistics Canada reported on Monday the wholesale sales surged 1.8 percent m-o-m to CAD65.18 million in January 2020, following a revised 1.0 percent m-o-m climb in December 2019 (originally a 0.9 percent m-o-m gain). That was the largest monthly increase in wholesale sales since December 2016.

Economists had forecast a 0.2 m-o-m decrease for January.

According to the report, higher sales were recorded in all seven subsectors, with gains being concentrated in the motor vehicle and motor vehicle parts and accessories (+3.0 percent m-o-m) and the miscellaneous subsectors (+3.1 percent m-o-m).

In y-o-y terms, wholesale sales jumped 3.2 percent in January.

Meanwhile, wholesale inventories edged up 0.1 percent m-o-m in January. Inventories were up in five of seven subsectors. The inventory-to-sales ratio fell to 1.41 in January from 1.44 in December. That was the lowest ratio since April 2019.