Wholesale sales grew for a sixth consecutive month in August, Statistics Canada said today. The 0.7% gain was attributable in part to a surge in sales in the machinery and electronic equipment sector, StatsCan said.

“Wholesalers sold $38.3 billion worth of goods and services in August,” StatsCan said. That was up from $38.1 billion in July.

With the automotive sector excluded, sales rose by 0.5%.

“Declines were observed in two sectors: food, beverages and tobacco products, and personal and household goods.”

Meanwhile, StatsCan reported that growth in the composite index of leading indicators continued to slow in September, slipping the to 0.3%.

That followed advances of 0.5% in August, 0.7% in July and a two-year high of 1.0% in June.

The government agency said the slowdown “reflects a marked deceleration for the US leading indicator and a levelling off of housing after unsustainable gains in the spring.”

Overall, six of the 10 components rose, 1 less than in August as sales of durable goods turned down.

Growth of the U.S. leading indicator stalled for the first time in 16 months.

In Canada, the housing index posted a second straight drop, falling 0.8%. Housing starts plateaued while the inventory of vacant units continued to increase, to their highest level since July 2001.

StatsCan said business spending remained upbeat as Capital spending drove an eleventh straight increase in new orders.

The stock market snapped out of a two-month slump, led by gains in the resource sector, notably energy and metals.