Canada: Retail sale volumes bounced back in June – RBC
Rannella Billy-Ochieng, economist at Royal Bank of Canada, notes that that the Canada’s retail sales was held flat by lower vehicles sales & weaker energy prices as absent price effects, volume increased by 0.4%.
Key Quotes
“Today’s report had few surprises. As expected, headline sales were weighed down by a decline in gasoline station sales on account of lower energy prices. Controlling for price changes, sale volumes increased 0.4% June, bouncing back after a drop in May that was probably depressed by weather-related factors. Sale volumes still only increased 0.3% (annualized) in Q2 as a whole but the June increase leaves a stronger hand off for Q3.”
“The June gain was boosted in by a partial rebound in food sales after a big May drop as well as a lift from apparel and sporting goods that Statistics Canada credited in part to the Toronto Raptors championship victory. In all, Statistics Canada reported sales increased in 7 of 11 categories.”
Author
Sandeep Kanihama
FXStreet Contributor
Sandeep Kanihama is an FX Editor and Analyst with FXstreet having principally focus area on Asia and European markets with commodity, currency and equities coverage. He is stationed in the Indian capital city of Delhi.
