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MNI:Canada July Retails Dip More Than Forecast 2.5%, Aug +0.4%

(MNI) Ottawa

Canadian July retail sales fell 2.5% in a broad-based decline led by lower gasoline prices while an August flash estimate showed a 0.4% increase, figures that do little to resolve debate about whether the economy is heading for a hard landing.

Excluding gasoline and automobiles, sales also declined but by a much smaller 0.9% in July. Purchases declined across 95% of the retail industry. Clothing sales fell 3.3% and there was a 14% tumble at gas stations as prices dropped.

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Canadian July retail sales fell 2.5% in a broad-based decline led by lower gasoline prices while an August flash estimate showed a 0.4% increase, figures that do little to resolve debate about whether the economy is heading for a hard landing.

Excluding gasoline and automobiles, sales also declined but by a much smaller 0.9% in July. Purchases declined across 95% of the retail industry. Clothing sales fell 3.3% and there was a 14% tumble at gas stations as prices dropped.

Keep reading...Show less