Canada announced on Wednesday that the Canadian retail sales rose 0.4 percent
m-o-m to CAD53.19 billion in August, following an unrevised 0.6 percent m-o-m increase
Economists had forecast a 1.1 percent m-o-m advance for August.
According to the report, sales at gasoline stations (+1.2 percent m-o-m) rose for the fourth straight month in August, while sales at motor vehicle and parts dealers edged down (-0.1 percent m-o-m) following three consecutive monthly increases.
Excluding motor vehicle and parts dealers, retail sales grew 0.5 percent m-o-m in August compared to an unrevised 0.4 percent m-o-m drop in July and economists’ forecast for a 0.9 percent m-o-m gain. Excluding motor vehicle and parts dealers and gasoline stations, retail sales went up 0.4 percent m-o-m in August after decreasing 0.8 percent m-o-m in July, bolstered by higher sales at building material and garden equipment and supplies dealers (+4.5 percent m-o-m) and food and beverage stores (+0.8 percent m-o-m).
In y-o-y terms, Canadian retail sales climbed 3.5 percent in August, following a revised 2.9 percent increase in July (originally a 2.7 percent rise).
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