8:30 AM EDT, Canada Wholesale Sales for the month of JuneEstimate: +0.7% versus +1.6% Canada Wholesale sales will be released at 8:30 AM EDT.  In May, sales rose by 1.6% which was much better than expectations on the back of a 9.5% increase in “other products” category that includes fertilizers.   Farm products as a whole rose by 7.3%.  The gain was the third increase in a row.  Over that time the average MoM gain has been 1.3%, the highest 3 month average since February 2007.   

For this month the expectation is for a more modest gain of 0.7%.  This would be the 4^th increase in a row.  The one caveat to the impressive string of figures is the numbers reflects older data.  In July, the employment data out of Canada showed economic weakness as 55,000 jobs were lost.  As a result, the numbers for sales going forward may reflect more weakness in overall economic activity both domestically and on the trade front.