Canadian retail sales rose by more than expected in June, with data also pointing to a rebound in activity in July.
Receipts for retailers jumped 0.4 per cent last month, the strongest pace since April, according to an advance estimate from Statistics Canada released Wednesday. That followed a 0.1 per cent increase a month earlier, which beat the median estimate for a flat reading in a Bloomberg survey. Only three of nine subsectors saw higher sales in that month: motor vehicle and parts dealers, sporting goods stores and gas stations. Excluding autos, retail sales slid 0.
Strength in household spending earlier this year prompted the Bank of Canada to resume raising interest rates, with increases to borrowing costs in June and July after a five-month pause. With goods consumption and the overall economy showing some signs of a slowdown, policymakers may have some room to step to the sidelines again.
Retail sales were unchanged in the second quarter, while in volume terms sales declined 0.8 per cent.
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