Canadian Retail Sales Slow After Surpassing Pandemic Losses

Gains for Canadian retailers slowed sharply in July and August, suggesting pent-up demand from prior months has been largely extinguished.

Sales grew 0.6% in July, versus 23% in June and 21% in May, Statistics Canada said Friday in Ottawa. Excluding vehicles, receipts unexpectedly dropped 0.4%, versus a forecast gain of 0.5%. Preliminary estimates from the agency show receipts climbed 1.1% in August, suggesting the weaker trend will continue.