Canada’s wholesale sales had an unexpected dip in April, while the latest jobs figures south of the border raised new concerns about the strength of the U.S. recovery, data released Thursday showed.
Wholesale sales dropped 0.3% to $44 billion, after a 1.2% increase in March, Statistics Canada said. Economists had been forecasting a 0.4% rise. The main reason for the drop was a slowdown in sales of motor vehicles and parts, Statistics Canada said.
The number of U.S. workers filing new applications for unemployment insurance last week rose by 12,000 to a seasonally-adjusted 472,000. The gain was unexpected.
Recent data from the U.S. has led to concern the economic recovery may be faltering as the effect of government stimulus spending wanes. U.S. retail sales, reported last week, had their biggest drop in eight months in May.
Stock futures on both the Dow Jones and Nasdaq pared gains following the data.
Statistics Canada said wholesale sales in volume terms rose 0.4% in the month as the strong loonie reduced the price paid for imported goods.
Sales dropped in eight provinces, while Manitoba and Quebec posted gains.
Wholesale sales of vehicles and parts dropped 2.5% to $7.1 billion, while sales of miscellaneous products fell 3%.
April saw an improvement in personal and household goods sales, with the sector seeing its first gain in three months on higher sales of textiles, clothing and footwear, StatsCan said.
Overall sales in the sector gained 1.5%.
