Canadian wholesale sales rose better-than-expected and at the fastest rate in more than a year in July, adding confidence 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.
