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%.
“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.”
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