Close X
Thursday, November 14, 2024
ADVT 
National

Statistics Canada Says Retail Sales Up 0.5 Per Cent In July At $43.3 Billion

The Canadian Press, 24 Sep, 2015 10:45 AM
    OTTAWA — Retail sales rose for a third consecutive month in July to $43.3 billion as Canadians opened their wallets for a new ride and new clothes.
     
    The 0.5 per cent increase from June's level was helped by rising sales of new motor vehicles — mostly trucks — as well as  clothing and clothing accessories, Statistics Canada said Wednesday. 
     
    It said six of 11 retail subsectors posted gains. Excluding motor vehicle and parts dealers, retail sales were unchanged for the month.
     
    According to Thomson Reuters, economists had expected a gain of 0.5 per cent for the month overall and 0.4 per cent excluding autos.
     
    "We're modestly optimistic that consumer spending should see a pick-up in the next few reports, in part because families will have more time to spend their tax rebates," CIBC economist Nick Exarhos said referring to the Universal Child Care Benefit.
     
    The motor vehicle and parts dealers subsector, gained 2.0 per cent in July, and posted the largest gain in dollar terms. Sales at new car dealers gained 2.7 per cent. That was partly offset by flat levels at parts dealers and declines for used car dealers and other types of motor vehicles.
     
    Clothing and clothing accessories stores gained 2.5 per cent — the first increase in three months.
     
    The Canadian economy struggled through the first half of the year as it contracted in the first two quarters of 2015. However, most economists expect the economy to gain strength in the second half.
     
    To help offset the drag caused by the sharp drop in oil prices, the Bank of Canada has cut its key interest rate by a quarter of a percentage point twice this year and it now sits at 0.5 per cent.
     
    The central bank expects the Canadian economy to grow at an annual pace of 1.5 per cent in the third quarter before accelerating to an annual pace of 2.5 per cent in the final three months of the year.
     
    BMO senior economist Robert Kavcic said the "decent" retail sales report suggests the economy continued to rebound in July.
     
    Retail sales rose 0.2 per cent in volume terms.
     
    "When combined with a strong result in manufacturing, real GDP looks like it should post a 0.2 per cent gain in the month," Kavcic said.
     
    "That would mark a second straight month of growth after the negative early-year run."
     
    Regionally, retail sales were up in six provinces in July as Ontario gained 1.0 per cent for the month. Alberta increased 0.5 per cent, while Manitoba advanced 1.8 per cent and Quebec added 0.2 per cent.
     
    British Columbia lost 0.4 per cent, while Saskatchewan slipped 0.3 per cent lower.

    MORE National ARTICLES

    Darpan's 6th Annual Extraordinary Achievement Awards Winner Announced In A Glitzy Gala

    Darpan's 6th Annual Extraordinary Achievement Awards Winner Announced In A Glitzy Gala
    Ten amazing individuals from the South Asian community were recognized for their extraordinary achievements and for reflecting their heritage in a remarkable way.

    Darpan's 6th Annual Extraordinary Achievement Awards Winner Announced In A Glitzy Gala

    Saskatchewan Premier Brad Wall Urges Oil Industry To Fight Celebrity Critics With 'Facts'

    Brad Wall told the Canadian Energy Pipeline Association there is a growing, vocal minority that want the industry shut down completely and they are influencing policy-makers.

    Saskatchewan Premier Brad Wall Urges Oil Industry To Fight Celebrity Critics With 'Facts'

    Damaged Dewdney Bridge Near Mission Closed To Traffic After Massive Crack Cause The Span To Dip

    Damaged Dewdney Bridge Near Mission Closed To Traffic After Massive Crack Cause The Span To Dip
    The Dewdney Slough Bridge is located about eight kilometres east of the community of Mission.

    Damaged Dewdney Bridge Near Mission Closed To Traffic After Massive Crack Cause The Span To Dip

    Swearing, Jabbing And Support From The Dead, All In One Strange Winnipeg Election Race

    Swearing, Jabbing And Support From The Dead, All In One Strange Winnipeg Election Race
    Accusations of poking and swearing, along with invocations of dead political icons and a threatened lawsuit, are making the election race in Winnipeg Centre one of the strangest in the country.

    Swearing, Jabbing And Support From The Dead, All In One Strange Winnipeg Election Race

    Cineplex Buying Into Future Of Esports, Forming Competitive Video-Game League

    The operator of Canada's largest chain of movie theatres is moving further into the world of competitive electronic gaming, announcing some US$15 million in investments on Thursday.

    Cineplex Buying Into Future Of Esports, Forming Competitive Video-Game League

    Vancouver Police Want Complaint About Pot Dispensaries Dismissed

    Vancouver Police Want Complaint About Pot Dispensaries Dismissed
    Vancouver police are calling for the dismissal of a complaint be

    Vancouver Police Want Complaint About Pot Dispensaries Dismissed