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Canada retail sales decline in July as August points to rebound

Retail sales volumes fell 1.1% month on month, while motor vehicle and parts dealers dropped 0.8% after posting their first decline in four months.

Reported · Written up by our desk · EM Currencies

Canada retail sales fell 0.7% month on month in July, a turnaround from the prior +0.6% gain, according to Action Forex. The decline was slightly better than expectations for a 0.8% drop.

Excluding autos, retail sales also swung to -0.7% month on month in July from +0.5%, which Action Forex said was weaker than the -0.5% consensus. In volume terms, sales fell by a stronger 1.1% month on month, signaling weaker underlying demand.

Action Forex reported that the weakness was broad-based, with sales declining in eight of nine subsectors. It also noted that motor vehicle and parts dealers posted their first decline in four months, with sales down 0.8% month on month due to a reversal in new […] dealers.

Action Forex said an August advance points to a potential rebound after July’s contraction. The outlet did not provide additional August figures in the available text.

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