Canadian November data
- Prior was +1.5%
- Estimates ranged from +0.6% to +2.0%
- Wholesale inventories -1.2%
- Trade up 10.8% y/y
- Inventories up 7.3% y/y
Digging into the numbers, two things stand out. The first is that auto inventories rose another 0.7% and are up 17.7% y/y. That's certainly bloated. The other is that (along with autos) this month's rise was largely driven by the food/beverage/tobacco category, which rose 1.9% m/m
