Home›Forex›Central Banks›Canada retail sales rise 1.0% in May as fuel-linked ga…

Canada retail sales rise 1.0% in May as fuel-linked gains dominate

Core retail sales excluding gasoline and auto climbed 0.9% mom, and sales volumes edged up 0.3%, while Statistics Canada’s advance estimate points to another 0.4% gain in June.

Reported · Written up by our desk · Central Banks

Canada’s retail sales increased 1.0% month over month in May to CAD 73.7 billion, with gains showing up across all nine retail subsectors, according to Action Forex.

The pickup was led by gasoline stations and fuel vendors, where sales rose 3.1% in value terms even as volumes fell 2.7%, suggesting higher fuel prices drove much of the increase rather than stronger quantities sold.

Excluding the more volatile gasoline and auto categories, core retail sales still advanced 0.9% mom, indicating household demand remained resilient beyond energy-related spending. Motor vehicle and parts dealers also rose 0.7%, with new car dealers contributing.

Statistics Canada’s advance estimate implies retail sales rose a further 0.4% in June, pointing to continued consumer spending strength into the close of the second quarter.

Latest closeGasoline (RBOB) $3.293 ▼3.3%

More like this

Sources