Oct. rate hike still expected despite inflation, retail sales misses: Economist
Canadian retailers recorded another weak month in August, ending what was a lackluster summer for the sector.
Retailers saw receipts decline 0.1 per cent in August, falling for a second time in three months, Statistics Canada reported. Economists had been anticipating a 0.3 per cent gain.
The nation's retailers have seen no growth in sales since the gauge hit a 2018-high in May, a summer pause that is consistent a broader trend of slowing consumer spending this year as households cope with higher borrowing costs.
Seven of 11 subsectors recorded declines in August, representing 52 per cent of retail trade, the statistics agency said Friday from Ottawa. In volume terms, sales decreased 0.3 per cent.
Falling sales at gasoline stations led the decline, offsetting a 0.8 per cent gain in the sale of cars and auto parts. Excluding the auto sector, retail sales fell 0.4 per cent.