Here are five things you need to know this morning.
Class lists have gone out and all of a sudden I am getting all kinds of birthday invitations. River is turning four! Celebrate Fox’s fifth birthday! Gennifyer is three! . As I stand on the cusp of a weekend filled with birthday parties, I started to do some math. Three children in school with an average of 20 classmates. Assuming 75 per cent of those classmates will have birthday parties, that’s 45 birthday parties a year. And of course these children all need birthday presents.
Excluding autos, retail sales advanced one per cent, well above expectations with gains in seven out of nine subsectors. However, it doesn’t look like the momentum carried into August. The flash estimate shows that sales dropped 0.3 per cent, which better reflects the rate increase we got in July from the Bank of Canada. We will look for more signs that rising rates are starting to pinch the consumer.
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