Home›Forex›Major Pairs›Canada retail sales grow in June, core spending extend…

Canada retail sales grow in June, core spending extends streak

Core retail sales excluding gasoline and motor vehicles rose 1.2% m/m, even as Statistics Canada’s early July estimate points to a 0.8% decline.

Reported · Written up by our desk · Major Pairs

Canada retail sales rose 0.6% month over month in June to CAD 74.3 billion, beating expectations for 0.4% and following a revised 1.1% increase in May, according to data cited by Action Forex.

Sales rose in seven of nine subsectors. Core retail sales excluding gasoline and motor vehicles increased 1.2% for a second straight month, with general merchandise retailers up 2.7%, and clothing, footwear, jewelry and related retailers gaining 3.1%.

On the volatility side, gasoline-station receipts fell 4.1%, though volumes increased 4.2%, showing the nominal decline reflected lower fuel prices. In volume terms, total retail sales increased 1.5%, indicating June’s improvement was driven by real spending.

Looking ahead to Q3, retail sales rose 2.2% in Q2 but volumes increased only 0.4%, Action Forex notes. Statistics Canada’s advance estimate suggests a 0.8% decline in July, and the estimate is based on responses from 56.5% of surveyed companies, leaving room for revision.

Latest closeGasoline (RBOB) $2.901 ▼7.3%

More like this

Sources