Canada August retail sales down 0.1%, boost expectations of rate pause

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SaltWire's Atlantic regional weather forecast for October 20, 2023 | SaltWireOTTAWA - Canadian retail sales fell by 0.1% in August from July and look set to stay flat in September, Statistics Canada said on Friday, cementing expectations that the Bank of Canada will keep rates on hold next week.

Sales fell in six of the nine sub-sectors in August, led by decreases at motor vehicle and parts dealers, and analysts said the 0.7% decline in overall volume was significant. The Bank of Canada will make a rate announcement and release its latest forecasts on Oct. 25. Governor Tiff Macklem last week said the bank would not be predicting a serious recession.

"The cool pace of sales growth in September also suggests a weak handoff for the fourth quarter ... this data reaffirms our view that the Bank of Canada is done hiking rates," he said.

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