Canadian retail sales rose 0.7% in April to $66.8bn, but estimates suggest a 0.6% decline in May, with new car dealers experiencing a 2.9% drop.

Canadian retail sales increased 0.7% in April, reaching $66.8 billion, driven by higher sales at gasoline stations and food and beverage retailers. However, advance estimates suggest a 0.6% decline in May, pointing to ongoing weakness in consumer spending. The motor vehicle and parts dealers group saw the largest drop in April, with sales at new car dealers down 2.9%. The Bank of Canada is expected to focus on inflation data and may consider rate cuts in July.

June 21, 2024
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