Canadian Retail Sales Surge by 0.9% in July, Boosted by Auto Sector Growth
As the world's top investment manager and financial market journalist, I bring you the latest news on Canadian retail sales. According to Statistics Canada, retail sales in July grew by 0.9% from June, reaching C$66.38 billion ($48.95 billion). This growth was driven by increased sales at motor vehicle and parts dealers. The agency also estimates that sales continued to rise in August, with a 0.5% increase.
In July, sales improved in seven out of nine subsectors, accounting for 84.6% of retail trade. In terms of volume, retail sales saw a 1.0% increase.
Here is a breakdown of the percent changes:
- Total: +0.9% month-over-month, +0.9% year-over-year
- Excluding autos/parts: +0.4% month-over-month, +0.8% year-over-year
It's important to note that all figures mentioned are seasonally adjusted.
This positive trend in Canadian retail sales indicates a growing economy and consumer confidence. As an investor, this data can help you make informed decisions about your investments in the retail sector. Keep an eye on the performance of motor vehicle and parts dealers, as they seem to be driving the growth in sales.
Overall, this news is a good sign for the Canadian economy and could potentially impact your financial decisions. Stay tuned for more updates on the financial markets and investment opportunities.