While some of the drop can be explained by a software glitch at car dealerships that held back vehicle sales, economists said financial headwinds also contributed to the fall in retail sales
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.
“Spending remained soft in the second quarter as consumers struggled under the weight of elevated interest rates,” Bank of Montreal economist Shelly Kaushik said in a note to investors. “Overall, the decline in sales for the quarter shows that consumers are continuing to struggle as mortgages come up for renewal and the labour market weakens,” said Katherine Judge of CIBC Economics in a note to investors.
“Retail sales have been soft for a prolonged period of time, and looking beyond the volatility caused by the software issue at auto dealerships shows that trend remains entrenched,” she said.
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