Canada August wholesale sales fall 1.6% MoM, worse than -1.5% expected

The headline miss is marginal, but the upward revision to July means the two-month trajectory is softer than the original prints suggested, which matters more for anyone tracking underlying demand than the August figure alone. Wholesale sits upstream of retail and manufacturing, so a second consecutive monthly decline signals that inventories are being worked down rather than rebuilt. Whether the July revision reflects a genuine late-summer stall or just noisy seasonal adjustment is the open question.