Canada’s retail sales rise 1.2% in August

Statistics Canada reported on October 23 that August retail sales rose 1.2% from July to C$74.6 billion. All nine subsectors recorded gains. [1]

The role of vehicle sales

Reuters corroborates the figures and notes that vehicle dealers contributed most to the increase. The result followed July’s 0.7% decline. [2]

September remains preliminary

The advance estimate for September points to a 0.7% increase. It covers responses from 58.5% of surveyed companies and will be revised, Statistics Canada says. [1]

Before the rate decision

Reuters notes that the data precede the Bank of Canada’s rate decision expected the following week. Economists remain divided between an increase and a hold: retail sales are not a central bank decision. [2]