Inventories reduced in the third quarter

Inventories contracted by $4.9 billion in the third quarter, Statistics Canada reports.

The largest reductions were in wholesale trade, where declines were widespread. While retail inventories were drawn down $1.7 billion, reduction of retail motor vehicle inventory was smaller than in the previous three quarters. Reductions in durable goods inventories for manufacturers were partly offset by higher inventory levels of non-durables. Despite these inventory reductions, the quarterly economy-wide stock-to-sales ratio rose.