Wholesale trade
A significant decline in the automotive sector brought to an end a string of five consecutive monthly increases in wholesale sales in August, which dropped 1.5% to $45.7 billion in current dollars. Sales excluding the automotive products sector rose 0.5%.
After removing the impact of price changes, sales in volume terms were 3.3% lower.
Sales of automotive products fell 11.7% in August to $7.0 billion, offsetting the gains over the two previous months. A 13.2% decline in motor vehicle sales was behind most of the drop, while sales of motor vehicle parts and accessories fell 5.8%. Much of the decline in motor vehicle sales can be attributed to slowing demand for larger less fuel-efficient vehicles. According to the latest International Trade report, imports of trucks fell by 29% in August to reach their lowest level in over four years.
The increase outside of the automotive sector was in large part due to higher sales in the food, beverage and tobacco products and "other products" sectors, both of which gained 2.2% in August. The latter consists primarily of sales of agricultural fertilizers and supplies, chemicals, recycled materials and paper products.
