Retail sales flatlined in the second quarter while sales volume dropped 0.8 per cent, Statistics Canada said on Aug. 23 , signs that economic ...
its own set of consumer spending data and July’s figures show that nominal spending was up more than two per cent on an annual basis.
Chief economist Stephen Tapp said the chamber’s numbers shows that strong population growth fuelled by immigration and higher inflation have kept the economy chugging along. But high-frequency data shows that consumer spending pulled back by mid-June and into July, as people began to feel squeezed by interest rates, which are now at five per cent.
Tapp advised businesses to keep an eye on costs as sales are likely to come under pressure if the economy continues to slow. “The Bank of Canada should be patient, and cautious about additional rate hikes. Although underlying inflation pressures remain problematic, we don’t need more medicine,” he said in a statement. “We just need more time for the earlier medicine to work its way through the economy.”
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