Canada Retail Sales Surge 1.1% in June for Sixth Straight GainTheophilos Argitis
Canadian retail sales surged 1.1 percent in June, a gain that exceeded all economist forecasts and extending the current streak of advances to six months.
Sales increased 1.1 percent to C$42.6 billion ($38.9 billion), Statistics Canada said today in Ottawa. Economists forecast a 0.3 percent gain, according to the median estimate of 18 responses in a Bloomberg News survey, with the highest forecast at 0.7 percent.
Purchases excluding the motor vehicle and parts category rose 1.5 percent, while economists had forecast a 0.3 percent rise.
Sales advanced in eight of 11 categories marking 71 percent of total sales. May’s retail sales increase was revised to 0.9 percent from an earlier estimate of 0.7 percent.
The volume of sales, which strips out the impact of price changes, rose 0.6 percent in June.