Forex▲ Bullish
Canada Retail Sales Beat 0.6% vs 0.4% Estimate in June
Canadian retail sales rose 0.6% in June, beating estimates, with core spending up 1.2%. An advanced July reading of 0.8% suggests momentum carried into Q3.
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Canadian retail sales rose 0.6% in June from the prior month, topping the 0.4% consensus estimate, Statistics Canada said Friday. The prior month's reading was revised up to 1.1% from an initial 1.0%.
Excluding autos, sales increased 0.5%, above the 0.4% estimate and slowing from a 1.2% pace in May. In volume terms, retail sales jumped 1.5% in June, a sharp acceleration from the flat volume reading in May.
Core retail sales, which strip out gasoline stations, fuel vendors, and motor vehicle and parts dealers, rose 1.2%. That was a second consecutive monthly gain. General merchandise retailers posted a 2.7% increase. Clothing, accessories, shoes, jewelry, luggage and leather goods surged 3.1%. Food and beverage retailers fell 0.4%, the only decline among core retail categories. Supermarkets and other grocery retailers dropped 0.6%, after rising 0.8% in May.