Retail sales edged up in July, but economists say it will take further interest rate cuts to really spark lasting activity. Statistics Canada said Friday that retail sales rose 0.9 per cent to $66.4 billion in July, helped by stronger new car sales.
Retail sales edged up in July, but economists say it will take further interest rate cuts to really spark lasting activity.
"It’s rare to see a positive surprise from Canadian consumers these days, but the July retail sales report delivered," Shelly Kaushik, an economist with BMO Capital Markets, said in a note to investors. That was reflected in core retail sales, which exclude gasoline stations and fuel vendors and motor vehicle and parts dealers. They rose 0.6 per cent in July.
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.
Statistics Canada reports retail sales up 0.9% at $66.4B in JulyOTTAWA — Statistics Canada says retail sales rose 0.9 per cent to $66.4 billion in July, helped by stronger new car sales.
Read more »
Statistics Canada says retail sales down 0.3% at $65.7B in JuneOTTAWA — Statistics Canada says retail sales fell 0.3 per cent to $65.7 billion in June as sales dropped at new car dealers.
Read more »
Statistics Canada says retail sales down 0.3% at $65.7B in JuneRetail sales dropped in June as Canadians continued to grapple with high interest rates. Statistics Canada said Friday that retail sales fell 0.3 per cent to $65.7 billion that month, led by a drop in sales at new car dealers.
Read more »
Statistics Canada says manufacturing sales up 1.4% in July at $71BStatistics Canada says manufacturing sales rose 1.4 per cent to $71 billion in July, helped by higher sales in the petroleum and coal and chemical product subsectors.
Read more »
Statistics Canada says country posted $684M merchandise trade surplus in JulyOTTAWA — Statistics Canada says the country posted a merchandise trade surplus of $684 million in July.
Read more »
Canada retail sales likely rose 0.6% in July after June dropCanadian retail sales likely rose last month after dropping in June, but the gains won’t erase a dismal first half of the year, supporting the Bank of Canada’s case to continue cutting rates.
Read more »