Statistics Canada reported on Monday the wholesale sales rose 0.3 percent m-o-m to CAD65.69 million in August, following a revised 5.2 percent m-o-m jump in July (originally a 4.3 percent m-o-m increase).

Economists had forecast a 0.2 percent m-o-m gain for August.

According to the report, sales increased in four of seven subsectors, led by higher sales in the building material and supplies (+7.0 percent m-o-m) and the motor vehicle and motor vehicle parts and accessories (+2.5 percent m-o-m) subsectors. Excluding motor vehicle and motor vehicle parts and accessories subsector, wholesale sales edged down 0.1 percent m-o-m.

In y-o-y terms, wholesale sales increased 3.4 percent in August.

Meanwhile, wholesale inventories were unchanged m-o-m in August. Inventories grew in four of seven subsectors, with the machinery, equipment and supplies subsector (+0.9 percent m-o-m) recording the largest gain. However, this increases were offset by lower inventories in the other three subsectors, led by drop in the building material and supplies subsector (-2.4 percent m-o-m). The inventory-to-sales ratio remained unchanged at 1.37 from July to August. This was the lowest level since August 2018.