Retail sales in Canada drop by 0.3 percent to reach USD65.7B in June

(MENAFN) On Friday, Statistics Canada reported a 0.3 percent decline in retail sales for June, totaling USD65.7 billion. This decrease aligns with market expectations and follows a 0.8 percent drop in May. The June figure reflects a continuation of the downward trend observed in the retail sector over the past few months.

The decline in June was primarily driven by a 2.1 percent reduction in sales from motor vehicle and parts dealers, which significantly impacted the overall retail sales performance. The retail sector saw decreased activity in four out of nine subsectors, highlighting the broad nature of the decline across different areas of retail.

Despite the overall drop, core retail sales—excluding figures from gasoline stations and motor vehicle and parts dealers—actually increased by 0.4 percent in June. This rise in core retail sales was slightly better than the market's forecasted decrease of 0.2 percent. The core retail sales figure for May was also adjusted, with the decline revised to 1.3 percent from an initial estimate of 1.4 percent.

The statistics reflect a mixed picture for the retail sector, where core retail sales show some resilience, while the broader category continues to face challenges, particularly in areas affected by falling motor vehicle and parts sales.

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