The automotive sector helped Canadian wholesale sales beat expectations and hit a record in January, in another sign of gathering strength in the economy.
Statistics Canada said on Monday that wholesale sales climbed 3.3 per cent to $59.1 billion in January, the largest monthly percentage gain since November 2009.
Economists had expected a gain of 0.5 per cent, according to Thomson Reuters.
“The auto sector drove wholesaling crazy in January, enough for at least some eyebrows to be raised at what is typically seen as a second-tier Canadian economic indicator,” CIBC chief economist Avery Shenfeld wrote in a brief report. Click here to read more.