Canada: Retail sales remain resilient in June, weaker in July – CIBC – by MSalordFX Canada RetailSales Banks
Analysts at CIBC continue to see the Bank of Canada rising rates by 75 basis points at the next meeting in September. “With inflation running at a heady pace, nominal retail sales were once again stronger than expected in June, with headline sales growing 1.1%, much above the consensus expectations for a 0.4% gain. May was also revised up a tick. The advance largely reflected growth inprices, and the increase of 0.
“Retail sales remain more resilient than would have been expected given high inflation, rising interestand a shift to service consumption. With the June data, the second quarter as a whole posted strong growth in volume terms which supports our call for robust consumption growth in the quarter. The advance estimate for a decline in July provides some evidence that the expected shift away from goods consumption might finally materialize more meaningfully.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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