The data, released
by Statistics Canada on Friday, revealed that Canadian retail sales increased
0.9 per cent m-o-m to CAD66.38 billion in July, following an upwardly unrevised
0.2 per cent m-o-m fall (from -0.3 per cent m-o-m) in June. This marked the
strongest gain in retail
sales since April 2023 (+1.0 per cent m-o-m).
Economists
had anticipated a rise of
0.6 per cent m-o-m for July.
According
to the report, 7 of 9 subsectors demonstrated increases in retail sales in July, led by motor vehicle and parts dealers (+2.2 per cent m-o-m), health
and personal care retailers (+12 per cent m-o-m) and clothing, clothing
accessories, shoes, jewellery, luggage and leather goods retailers (+1.1 per
cent m-o-m). Meanwhile, building material and
garden equipment and supplies dealers (-1.4 per cent m-o-m) and gasoline
stations and fuel vendors (-0.6 per cent m-o-m) showed declines in retail sales in July.
Excluding auto,
retail sales rose 0.4 per cent m-o-m in July after an unrevised 0.3
per cent m-o-m gain in the previous month, marginally better than economists’ estimate of a 0.3 per cent advance.
In y-o-y terms,
Canadian retail sales jumped 0.9 per cent in July, following an unrevised 0.2 per cent increase in the previous month.
Statistics
Canada also said its preliminary estimates suggest that Canada’s retail sales climbed 0.5 per cent m-o-m in August.