(Bloomberg) -- Canadian consumers appear to be quickly rolling back their spending as the Bank of Canada’s higher interest rates start to bite into more household budgets.Most Read from BloombergEx-Goldman Bankers Make a Fortune With Controversial Bet on CoalChina’s Ultra-Rich Gen Zs Flock Home as Global Tensions RiseIndia Suspends Visas, Canada Pulls Diplomats Amid TensionsMcCarthy Ambushed as Republican Hardliners Change Course on Spending PlanOpen House: Seized HK Mansion Listed for $112 Mill
Receipts for retailers dropped 0.3% in August, the first decline since March, according to an advance estimate from Statistics Canada released Friday. That followed a 0.3% increase a month earlier, which missed the median estimate of 0.4% in a Bloomberg survey.
Sales rose in seven of the nine subsectors in July, and were led by increases at food and beverage retailers. Motor vehicle and parts dealers saw the largest decrease that month, and fell for the first time in four months. Excluding autos, retail sales rose 1%, double the expectations.The report suggests Canadians are tightening their purse strings as more households face mortgage payment renewals and high gas prices. The Bank of Canada held borrowing costs steady on Sept.
Regionally, sales rose in five provinces in July, led by higher sales in Quebec and British Columbia. Ontario saw the largest provincial decrease, driven by lower sales at motor vehicle and parts dealers.About 17% of Canadian retailers said the strike at British Columbia ports in July affected their business activities, the statistics agency said. On an unadjusted basis, the largest estimated impact on sales in dollar terms were at motor vehicle and parts dealers.
The statistics agency didn’t provide details on the August estimate, which was based on responses from 49.2% of companies surveyed.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Growth in illegal tobacco sales costing 3 provinces $2.47 billion in taxes: retail reportThe governments of British Columbia, Ontario and Newfoundland and Labrador lost up to $2.47 billion in tax revenues over four years due to the growth in illegal tobacco sales, says a convenience industry report.
Read more »
UK Retail Sales Rebound as Shoppers Returning From Wet JulyUK retail sales rebounded in August as the return of more settled weather brought consumers back into the shops.
Read more »
Gas prices drop 8 cents Wednesday in southern Ontario, to drop further: analystThe price of gas on Wednesday dipped to $1.629 a litre in the Greater Toronto Area and southern Ontario.
Read more »
Gold prices remain under pressure even as U.S. existing home sales drop 0.7% in August(Kitco News) - The selling pressure in gold has not abated even as the U.S. housing sector continues to weaken following disappointing home sales data.
Read more »
Energy stocks are failing to lure retail investors despite skyrocketing oilEnergy stocks have failed to draw retail investors as they sit out the rally despite exhortations by top strategists to jump in. Read on.
Read more »