In July, Canada's retail sales rose 0.9% to $66.4bn, driven by a 2.2% increase in motor vehicle sales.
In July, Canada’s retail sales rose 0.9% to $66.4 billion, driven primarily by a 2.2% increase in motor vehicle and parts sales. However, sales at gasoline stations fell by 0.6%. Retail sales volume increased by 1.0%. Preliminary estimates for August suggest a further 0.5% rise, but economists warn that additional interest rate cuts from the Bank of Canada are essential to sustain this growth in consumer spending.
September 20, 2024
32 Articles