CIBC Research discusses its reaction to today's Canada's wholesale trade print for the month of April.
"Bucking the trend in recent releases, wholesale trade blasted ahead in April. Sales rose 1.7% on the month, and that comes after a robust 1.4% gain in March. Volumes were equally strong, up 1.6% on the month. A sharp rebound was seen in the auto sector, advancing 3.2% after a 1.9% decline in March. Gains were, however, relatively broad-based, with five of seven sectors, representing 86% of sales, higher. Outside of autos, strength was seen in machinery and equipment," CIBC notes.
"We had been looking for an increase of 0.1% for April GDP, but following this heady report, it's looking like the economy actually advanced by a healthy 0.2% during the month," CIBC adds.