Canada: Retail sales above forecasts in August, but trend is still failrly sluggish – CIBC – by MSalordFX Canada RetailSales Banks
. Analysts at CIBC, point out that while headline figures came in above consensus expectations, there were hints within the detail suggesting that while Canadian consumers are surviving, they are no longer thriving.“Retail sales posted a rebound of 0.7% after declining by 2.2% in the prior month. In volume terms, sales were up by an even healthier 1.1%, although that reversed only about half of the decline seen in the previous month.
“Retail sales were somewhat stronger than expected in August, although the trend is still fairly sluggish. The higher than expected print, combined with an upside surprise for August wholesale sales released last week, puts some upward pressure on forecasts for monthly GDP next week and by extension Q3 as a whole.”
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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